Corporate bodies must prepare measures able to ensure that correct customer identification is accompanied by the acquisition of exhaustive and truthful information on the customer’s economic and financial situation and on the economic motivations underlying the transactions requested or carried out and the financial relationship in whose context they fall.
Special precautions must be adopted in telephone or electronic accounts for transactions that appear particularly unusual or involve significant transfers. In such cases specific disclosure requirements will be imposed on customers.
Anti-money-laundering legislation provides that that the investigative bodies shall inform the Ufficio italiano dei Cambi where a report does not have further consequences, and that the UIC shall in turn make this known to the reporting intermediary.
Knowing that a report has had a negative outcome enables the intermediary to eliminate the motives of suspicion about the transaction, thereby preserving the intermediary’s business relationship with the customer. The feedback process also produces more general positive effects, allowing the evaluation processes in place at intermediaries to be refined.
2.2 The systems for achieving a better knowledge of customers
The collection and centralized organization of the data on relationships with the customer are the preconditions for a complete examination of the customer’s economic and financial profile. Data collection must cover all the information in hand concerning the customer’s business, its economic context, the customer’s need for financial services and any relationships with other intermediaries.
The necessary starting point is the data contained in the customer register, which comprise information on all the relationships that the customer has either directly or indirectly with the intermediary, guarantees provided and received, and powers of attorney issued to third parties. Building on this base, other levels of information concerning the customer’s economic and financial situation and net worth are added, according to the complexity and diversification of the intermediary’s range of operations.
In organizing their records on customers, intermediaries shall take account of the information on significant links among customers and between customers and other persons. Not only corporate group relations but also links of a contractual, financial, commercial or other nature revealing the justification of transactions that need to be set in a wider context are relevant in this regard.
Information serving to evaluate customers must be acquired by exchanging information with other intermediaries belonging to the same group or falling within the scope of consolidated supervision.
Intermediaries subject to the reporting requirement must also acquire information from third parties that manage corporate functions under outsourcing arrangements or act as providers. The delegation of corporate functions to external companies or collaborators must in no case negatively affect each intermediary’s knowledge of customers and cannot justify failure to perceive signs of anomaly in a transaction or a relationship.
Adequate procedures ensure the use of the information that the customer is required to provide concerning his own financial situation and propensity to risk in connection with the provision of investment services and with the notifications that customers effect concerning operations with