News

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. UIF attributed most of the overall reduction in STRs last year to its prolonged campaign to curtail defensive reporting, whereby banks, payment service providers and other businesses regulated for anti-money laundering purposes submit reports of little to no value to law enforcement solely to guard themselves from any legal or regulatory trouble down the road. Software...