meta_id 3264693

On June 7, 2024, the Bank of Italy (Banca d'Italia) issued amendments to its Provisions on Organisation, Procedures and Internal Controls for Anti-Money Laundering Purposes, originally adopted on March 26, 2019. The amendments implement Legislative Decree No. 231 of November 21, 2007, as modified by Legislative Decree No. 90 of May 25, 2017, which transposed the fourth Anti-Money Laundering Directive (4th AMLD). The amendments establish formal reporting requirements for intermediaries regarding the appointment and management of anti-money laundering responsible officers. Intermediaries must notify the Bank of Italy of the appointment of an anti-money laundering responsible officer within 20 days of acceptance of the position. For newly established intermediaries, the initial notification must occur within 30 days of receiving authorisation to conduct business. Intermediaries must also report any subsequent updates to the officer's status, including suspension or cessation of the role, within 20 days. The Bank of Italy introduced the requirement to appoint an anti-money laundering responsible officer through a previous amendment on August 1, 2023, with a deadline of June 30, 2026 for all intermediaries to complete this appointment. Intermediaries must submit notifications through the existing social bodies reporting procedure (Or.So.) established by the Bank of Italy's Communication of June 7, 2011, where applicable. If the Bank of Italy or the intermediary identifies reporting errors, corrections must be submitted as promptly as possible. For intermediaries with responsible officers already in position at the time of entry into force, notification to the Bank of Italy must occur within 20 days of the amendment's effective date. The amendment enters into force 15 days after publication in the Official Gazette of the Italian Republic.