Journal of
Italian
Banking
Association

year 100
 

Archive » December 2022 » The sanction framework for failure to report suspicious transactions

The sanction framework for failure to report suspicious transactions

Alessandra Cuzzocrea
December 2022 - n. 12
Keywords: Segnalazione di operazioni sospette, antiriciclaggio, sanzioni
Jel codes: K14, K42

The study reviews the current national framework in matter of reporting obligations and failure to report suspicious transactions (Strs), highlighting the complex and articulated distribution of competences and the different cases of failure to reporting obligations punishable against the obliged and supervised subjects. The document focuses on the qualification of the breach and the identification of the responsible party. The analysis also focuses on the findings of certain infringements, such as late reporting and the obligation to repeat reporting in the presence of new elements of suspicion. Such cases require clarification by the Authorities, also in the light of the relevant case-law, in order to ensure the effective application of sanctions for non-compliance with the reporting requirements and to reduce improper burdens for Authorithies and obliged entities.

Interested in this paper?
Buy the issue