Bank of Italy – Review of controls for objective communications

The Bank of Italy, together with the Financial Intelligence Unit (UIF), has issued a press release regarding the revision of the automatic control system performed during the acquisition of Objective Communications, which are made mandatory by the UIF in order to periodically transmit data and information selected based on objective criteria, concerning transactions at risk of money laundering or terrorist financing.

The changes to the system are aimed at increasing the reliability of the information and thus ensuring greater adherence of the data to the provisions outlined in the document “Information and data contained in objective communications” and a more accurate indication of some specific cases.

The new control methods will be operational starting from October 7, 2024. If a filed data doesn’t pass the control, the failure will be highlighted and the data will not be acquired.