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Archive » October 2023 » The new Aml provisions in Italy. How organizational rules become part of corporate governance

The new Aml provisions in Italy. How organizational rules become part of corporate governance

Luigi Donato
October 2023 - n. 10
Keywords: Banca d'Italia, antiriciclaggio, governance aziendale
Jel codes: G21, G28, K42

The new Italian Anti-Money Laundering provisions change the balance between corporate functions and responsibilities. The qualifying point is the introduction among the minimum requirements of a Director in charge of Aml who does not replace the corporate head of the function nor does it cancel the collective responsibility of the board. As a result, the need for specific technical skills is increased. The Aml chain is more complex but also more flexible due to the different combinations of functions allowed. The approach is similar to that of the rules on governance under the Italian banking law. There are two control institutions: the Aml Supervision and Regulatory Unit of the Bank of Italy (Sna) and the new European Anti-Money Laundering Authority (Amla). A new season of commitment for bank management begins.

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