Anti-Money Laundering in Italian Bank

Descrizione Progetto

Abstract

Aims: This paper focuses on some relevant aspects of a banking anti-money laundering (AML) system (training, information and regulatory development) in order to understand their impact on the enhancement of the customer risk assessment process.

Study Design: Research based on questionnaire.

Place and Duration of Study: Italy, between September 2012 and September 2013.

Methodology: We sent questionnaires to the 75 Italian banking groups listed in the Bank of Italy Register at March 2012. Over 60 per cent of the total participated to the survey.

Results: Training, information and regulatory development represent important points in the AML systems of the banks of the sample. They show a strong commitment in the development of the (Know Your Customer process), in order to fight against money laundering; however weaknesses are still present and improvements are needed.

Keywords: Anti-money laundering system; Italian banks; AML officers; Customer risk.