ItalyOn April 17, 2024, the Group of Seven Cyber Expert Group conducted a cross-border coordination exercise aimed at enhancing communication and crisis management capabilities among financial authorities in response to potential cyber incidents affecting the financial sector.
The Council of Europe’s Group of States against Corruption published a second addendum to a compliance report on corruption prevention measures in Italy with respect to members of parliament, judges and prosecutors.
Italy’s Efforts Against Defensive STRs Paying Off, Albeit Slowly
The annual volume of suspicious transaction reports in Italy fell a modest 3 percentage points from 2022 to end at 150,000 submissions in 2023, according to UIF, the country’s financial intelligence unit, while the share of subpar-quality STRs dropped after peaking at 30 percent.
Midweek Roundup: Panama Papers Trial Begins, Nigeria Charges Binance AML Chief, and More
U.S. regulators warn banks to identify their customers’ customers, banks leaving key details out of export-related SARs, and more, in the midweek roundup.
The Bank of Italy issued a decision requiring the Milan, Italy branch of ING Bank to refrain from engaging in transactions with new customers following a finding of shortcomings in compliance with anti-money laundering requirements.
| Technical | Effectiveness |
|---|---|
| Compliant : 18 | High : 0 |
| Largely Compliant : 20 | Substantial : 8 |
| Partially Compliant : 2 | Moderate : 3 |
| Non-Compliant : 0 | Low : 0 |
Italy's technical compliance was re-rated in a March 27, 2019 follow-up report
| Rank : 27/110 |
| Score : 4.57/10 |
| Rank : 52/179 |
| Score : 53/100 |
| Rank : 41/133 |
| Score : 50/100 |