The board of auditors is called upon to play a pro-active role in the formulation of adequate programmes and procedures for verifying compliance with all the anti-money-laundering provisions and, in particular, with the suspicious-transaction-reporting requirements. The board of auditors must periodically check the functionality and efficiency of these mechanisms and assess the maintenance of conditions of high quality in light of the evolution of the company’s operations, organizational structure and distribution channels.
To carry out its functions in this area, the board of auditors must avail itself of all the organizational units within the company that are charged with control functions, internal audit first and foremost.
Where they are present, independent auditors also play an essential role. To plan their tests of the reliability of the accounting and financial statement data and conduct them effectively, they need to know the system of internal controls of the company they are auditing. The board of auditors shall establish functional connections with the independent auditors with a view to being informed of any management malfunction and anomaly found by the latter in performing their functions that might be useful for the board of auditors to assess in the course of performing its duties.
3.2 Staff training
Intermediaries shall provide careful staff training on the reporting requirements. These Instructions must be disseminated and suitably explained to all staff, regardless of the legal basis of their employment or collaboration.
Effective application of anti-money-laundering law presupposes a full awareness of its underlying objectives and principles. Staff must be made aware of the company’s obligations and of the responsibilities that can derive from failure to fulfil them.
Staff training must pay special attention to developing a specific preparation of the employees and collaborators who are in most direct contact with customers. On a more general plane, this activity must extend to the importance of the principle of knowing the customer so that his financial profile can be reconstructed.
Specific training programmes are appropriate for the staff of the unit assigned to maintain relations with the UIC. These employees must be continuously updated on the evolution of money-laundering risks and the typical schemes of criminal financial transactions.
Staff training must be a continuing and systematic activity carried out within the framework of comprehensive programmes that take account of the evolution of the legislation and of the procedures adopted by intermediaries. A report on training with regard to anti-money-laundering legislation must be submitted annually to each intermediary’s board of directors.
Intermediaries shall call upon staff to verify the actual entry of counterparties in the registers provided for by law for the various types of operation before proceeding to establish new relationships. Relationships with unauthorized persons must be avoided, not least for the unfair competition between these and lawful operators. Special attention must be paid to the phenomenon of usury. In this connection, attention is called to the crime introduced by Article 16.9 of Law 108 of 7 March 1996, which punishes employees who steer individuals for banking or financial transactions to a person not authorized to engage in banking or financial activity.