Orientamenti EBA sulle politiche e sui controlli per la gestione efficace dei rischi di riciclaggio e di finanziamento del terrorismo (ML/TF) nel fornire accesso ai servizi finanziari

On 3 October 2023, the Bank of Italy issued Note No. 34, which pertains to the implementation of EBA guidelines EBA/GL/2023/04, with focus on establishing policies and controls for effectively managing the risks associated with money laundering (ML) and the financing of terrorism (TF) in the context of providing financial services.
The primary objective of these guidelines is to address a phenomenon known as “de-risking“ and to provide clarity regarding the relationship between granting access to financial services and fulfilling anti-money laundering obligations. In essence, they encourage financial intermediaries, including banks, securities firms, asset management companies, and others, to integrate these guidelines into their existing policies and procedures.
One key aspect emphasized by these guidelines is the need for intermediaries to incorporate mechanisms for identifying and evaluating customer risk factors accurately. The intention is to prevent the indiscriminate refusal or termination of relationships with customers or entire customer categories deemed to be at high risk.
Furthermore, the guidelines outline specific measures that intermediaries should take before deciding to refuse or revoke the opening of an account or the execution of transactions involving high-risk customers.
This Note is applicable to a specific set of financial intermediaries in Italy, including banks, securities firms (SIM), savings management companies (SGR), variable capital investment companies (SICAV), fixed capital investment companies (SICAF), electronic money institutions, payment institutions, and branches located in Italy of banking and financial intermediaries with their legal headquarters and central administration in another EU country or a third country.
These guidelines come into effect on 3 November 2023, and reference various legal and regulatory provisions, including articles from EU directives and Italian legislative decrees. They also draw upon sections of the Bank of Italy’s regulations related to organizational and internal controls and customer due diligence.
Importantly, the Note underscores that the EBA guidelines complement the existing national framework in Italy for combating money laundering and terrorism financing.
However, their application is subject to compliance with relevant legal and regulatory requirements.
Additionally, the Note mentions a specific provision allowing intermediaries to postpone the application of customer due diligence measures for individuals at low risk of money laundering, particularly those receiving support through prepaid cards. This postponement is contingent upon meeting specific conditions outlined in Italian regulations.