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Archive » April 2020 » Anti Money Laundering compliance and self assessment of intermediaries

Anti Money Laundering compliance and self assessment of intermediaries

Giovanni Castaldi
April 2020 - n. 4
Keywords: Rischio di riciclaggio, approccio commisurato al rischio, autovalutazione
Jel codes: G21, G28, G32

The large number of customers and relationships, the use of technological solutions, the reduction of branches and staff have made it difficult a thorough direct knowledge of customers, for customer due diligence and suspicious transactions reports. For the self-assessment requirements, intermediaries often rely on external companies, which manage company databases and diagnostics to identify suspicious transactions and collect the data also through questionnaires. This appreciable solution, however, cannot entail total trust in the results obtained by applying algorithms and automatisms, with substantial deresponsibility of intermediaries, who must be able to understand the data processing logic and to demonstrate its validity.

 

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