By means of the Anti-money laundering Supervision and Regulation Unit, the Bank of Italy carries out regulatory and supervisory tasks to counter money laundering and the financing of terrorism. Specifically, the Unit:
- monitors the production of national and international regulations that are relevant to its institutional tasks; in relation to this, it works in coordination with Parliament, the Government, other public administrations and other supervisory authorities; it draws up the secondary legislation entrusted to it by law and deals with issues relating to its interpretation; and it assesses the impact of the legislative measures for which it is responsible;
- takes part in the work to combat money laundering and the financing of terrorism carried out in international organizations, among which the Financial Action Task Force and the Basel Committee on Banking Supervision, and the relevant European Union organizations, including the European Banking Authority;
- manages institutional relations with foreign supervisory authorities and international financial institutions, with particular reference to strengthening cooperation in AML/CFT supervision of cross-border groups;
- develops methods for analysing and assessing supervised entities as regards AML/CFT, and also takes part in the work of international organizations. In this context, it draws up procedures and operational criteria to be applied when carrying out control and intervention activities;
- carries out regular analysis of AML/CFT risks (sectoral and for systems) in the financial sector.
- carries out analyses and interventions on supervised intermediaries as regards AML/CFT;
- cooperates with and manages information exchanges with the Financial Intelligence Unit and with the Guardia di Finanza (Financial Police) in the areas for which they are responsible.
Administrative proceedings
The measures of the Anti-money Laundering Supervision and Regulation Unit are recorded in list no. 4 of the administrative proceedings.
