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Operating Instructions for identifying suspicious transactions

- DRAFT TRANSLATION -

THE GOVERNOR OF THE BANK OF ITALY

Having regard to Decree Law 143 of 3 May 1991, ratified with amendments by Law 197 of 5 July 1991, as subsequently as amended by Legislative Decree 153 of 26 May 1997 (hereinafter Law 197/1991) and by Law 388 of 23 December 2000;

Having regard to Articles 3, 3-bis and 3-ter of Law 197/1991 governing the obligations to report suspicious transactions;

Having regard in particular to Article 3-bis, paragraph 4, of Law 197/1991, based on which the “Bank of Italy, after consulting the Italian Foreign Exchange Office [Ufficio italiano dei Cambi, UIC], in agreement with the sectoral supervisory authorities within the spheres of their respective competence”, shall issue implementing instructions designed to facilitate the tasks of intermediaries in ensuring “uniformity of staff conduct in identifying” suspect transactions and in preparing “procedures for examination of transactions using, inter alia, electronic information systems”;

Whereas there is a need to issue uniform instructions for operators of the banking, financial and insurance sectors for the purposes of full implementation of the requirement to report suspicious transactions on the part of all the addressees;

Having regard to the content of the “operating guidelines for reporting suspicious transactions” issued in February 1993 and updated in November 1994, as well as to the “operating guidelines for picking up suspicious transactions, reserved for undertakings and to sales structures of the insurance sector”, issued in January 1999;

In agreement with the Companies and Stock Exchange Commission (Consob) and the Supervisory Authority for the Insurance Industry (Isvap);

After consulting the UIC

ISSUES

the attached OPERATING INSTRUCTIONS FOR IDENTIFYING SUSPICIOUS TRANSACTIONS.

Rome, 12 January 2001

THE GOVERNOR

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