The official site of Italy's central bank

Legislative Decree 231/2007 entrusts the Bank of Italy with regulatory tasks and with enforcing compliance with anti money-laundering obligations.

In agreement with the other financial sector supervisory authorities, the Bank of Italy performs regulatory tasks with regard to the following:

• adequate customer verification (identification of the customer and the beneficial owner of the account, collection of information on the nature of the relationship and control by intermediaries);
• recording and preserving data in the Single Financial Transactions Database;
• organizational, procedural and internal control matters aimed at ensuring the performance of anti money-laundering formalities, including the obligation to report suspicious transactions.

The decree also calls on the Bank of Italy to exercise its regulatory powers with respect to the "static trust companies" referred to in Law No. 1966 of 23 November 1939.

The Bank also carries out inspections to verify:

• the adequacy of supervised intermediaries' organizational arrangements and procedures;
• compliance with the obligations laid down by law and, in particular: the verification of customers; correct inputting to the Single Financial Transactions Database, the adequacy of the internal controls, and staff training;

Inspections are carried out at three levels:

• deeper analysis in connection with inspections of a general nature;
• focused inspections at headquarters;
• checks at individual branches.

Depending on the results of the checks carried out, the Bank of Italy takes the most appropriate action, including the imposition of administrative fines.

If the Financial Action Task Force expresses doubts about the adequacy of some countries' systems for countering money laundering and terrorist financing, the Bank of Italy brings this to the attention of the banking and financial system.