EU Anti-Money Laundering reform is law: main innovations, new categories affected

Italy: warning issued by the European Commission for anti-money laundering compliance

On June 19, 2024, the 6th AML Directive (Directive (EU) 2024/1640 of May 31, 2024), the AML Regulation (Regulation (UE) 2024/1624 of May 31 2024)  and the AMLA Regulation (EU) 2024/1620 of May 31, 2024 (so-called “AML Package“) were published in the Official Journal of the European Union. The main objectives of the package include: reform […]

The EU Anti-money laundering package is law: new obligations for traders of luxury goods (yachts, aircraft and supercars)

On June 19, 2024 the 6th AML Directive (Directive (EU) 2024/1640 of May 31, 2024), the AML Regulation (Regulation (UE) 2024/1624 of May 31, 2024) and the AMLA Regulation (Regulation (EU) 2024/1620 of May 31, 2024) (so-called “AML Package“) were published in the Official Journal of the European Union. The main objectives of the AML […]

Bank of Italy – Changes regarding counterparty risk

On June 11th, the Bank of Italy launched a public consultation concerning the amendment of provisions related to counterparty credit risk for financial intermediaries under Article 106 of the TUB (Consolidated Law on Banking). The aim of the public consultation is to extend the prudential regulations on counterparty credit risk, which already apply to banks […]

Metadata processing: new guidelines from the Italian Data Protection Authority

The Italian Data Protection Authority, with Order No. 364 of 6 June 2024, issued updated guidelines on computer programs and services for managing e-mail in the work context and on the processing of metadata in employees’ e-mails. The document specifies that it does not introduce new prescriptions, but offers a reconstruction of the applicable provisions, […]

Published Study no.22 by UIF on machine learning to identify companies having connections with Organized Crime

On June 11, 2024, the Financial Intelligence Unit (FIU) has published Study no.22 which examines the development of a machine learning algorithm designed to identify companies which may have connection with Organized Crime (“OC”) in Italy. This model utilizes a dataset of 1.804.278 Italian enterprises in the period 2010-2021, which includes financial sheets data, debt […]

ESAs – Models for test exercises for the application of DORA published

On May 31, in view of the entry into force of the Digital Operation Resilience Act (DORA) in January 2025, the European Supervisory Authorities (EBA, EIOPA, and ESMA, collectively the ESAs) published the models and tools useful for the test exercise on the reporting of registers containing information regarding ICT services (Information and Communication Technologies). […]

AML: IVASS issued Order 144/2024 amending IVASS Regulation 44/20219

On June 4, 2024, IVASS Order No. 144 was published with amendments and additions to IVASS Regulation No. 44/2019, concerning implementing provisions aimed at preventing the use of insurance companies and insurance intermediaries for the purposes of money laundering and terrorist financing in the area of organization, procedures and internal controls and customer due diligence […]

IVASS – Annual Meeting Itinerari Previdenziali

On May 23-24, the Annual Meeting onways to enhance the attractiveness of Life products and segregated funds, organized by “Itinerari Previdenziali” in collaboration with ANIA was held in Bologna. During the conference, IVASS’s Secretary General, Stefano De Polis, highlighted the recent increase of the interest rates, which in 2023 led to a progressive contraction in […]

Medical liability: settlement signed by doctor and patient does not free health care facility from liability

With ruling no. 15216 of 30 May 2024, the Supreme Court of Cassation established that a settlement signed by a doctor employed by a health care facility doctor and an injured patient, does not suffice to safeguard the health care facility and its insurers from liability. Indeed, the health care facility (and its insurers) cannot […]