It must always be possible to reconstruct the steps taken in the evaluation process on the basis of documentary records, especially where the conclusion was not to submit a report. This facilitates the performance of internal controls and ensures that the reasons that led to the decision taken by the persons responsible can be reconstructed subsequently.
The competent governing bodies shall adopt measures intended to ensure that all members of the staff in direct contact with customers are ready to trigger the notification procedure. Action must in any case be taken to stimulate the awareness of all the members of the staff who look after customer relations, regardless of whether they are employed in the central structures or individual operating units and without distinction based on the type of legal relationship whereby they are linked to the intermediary.
The increasing recourse made by intermediaries to the establishment and management of “distance” relationships requires special attention to be paid to the definition of appropriate procedures. In the case of relationships intermediated by persons charged with the phases of developing and maintaining relationships and linked to the intermediary in different ways, the report procedure must be triggered by such collaborators.7
If the relationship with the customer is handled exclusively by staff with which continuous employment relationships are not established (i.e. call-centre or so-called phone-banking staff) or over the Internet (so-called e- or Internet banking), intermediaries must take steps to ensure it has adequate knowledge of the customer and his business. The analysis of customers shall provide for the use of statistical methods to examine transactions and may provide for visits by external collaborators.
Before submitting a report, the “company anti-money-laundering officer” shall carry out a global evaluation of the transaction on the basis of all the information available; he shall also evaluate transactions that show anomalous profiles even where the notification procedure has not been triggered by the operating structure.
The procedure must provide for exchanges of information between the various levels and an evaluation of the transaction by all the staff involved in any way.
In the performance of their tasks the internal audit function, even if entrusted to external collaborators, and the board of auditors, may come across transactions whose economic/financial characteristics show an anomalous profile. In such cases the relevant information must be gathered, if necessary using the intermediary’s operational structures, and a preliminary evaluation must be made of the nature of such transactions, followed, where appropriate, by notification of the findings to the company anti-money-laundering officer. It must always be possible to reconstruct the steps taken in the evaluation process on the basis of documentary records.
This procedure may also be followed by the staff of the firms engaged to audit the accounts for any anomalous transactions found in the performance of their activity.
4.2 The protection of confidentiality
7The direct involvement of financial salesmen and agents in the suspicious -transaction analysis procedure was authorized in Article 7.2 of Legislative Decree 374/1999.