Bank of Italy extends its AML Regulations to CASPs

As mentioned in our previous news, Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (TFR) included CASPs among financial institutions obliged to comply with anti-money laundering (“AML”) obligations, and, consequently, the Italian legislator amended the Legislative Decree 231/2007 (Italian AML Decree), including them among obliged entities under Italian AML rules and assigning to the Bank of Italy the role of AML supervisory authority of CASPs.

The Bank of Italy – following the public consultation held in the past months – now officially extended to CASPs the application of the rules set out in the Regulation on customer due diligence and the Regulation on organization, procedures and internal controls, to date applied only to banks and financial intermediaries. This will entail compliance with various AML rules and obligations, including in terms of governance, adoption of comprehensive procedures and arrangements, and periodic reporting obligations to the Bank of Italy.

Next steps

The amendments (available here in Italian only) to the Regulation on customer due diligence and to the Regulation on organization, procedures and internal controls will enter into force 60 days after their publication in the Official Journal.

Authored by Jeffrey Greenbaum, Elisabetta Zeppieri, and Andrea Manta.