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FIRST PART

Organizational and procedural rules

1. Compliance with the reporting requirements

Intermediaries shall adopt company policies consistent with the rules and principles of the anti-money-laundering provisions, which constitute an important aspect of reliability in market presentation and customer relationships.

For the purpose of ensuring correct compliance with the suspicious-transaction reporting requirements, intermediaries shall:

refuse to carry out transactions that are considered to be anomalous on account of their type, object, frequency or size, and to establish or maintain relationships that show anomalous profiles;

pay special attention to attempted transactions and to transactions requested by occasional customers, especially where they involve a significant amount or anomalous execution procedures;

send a report to the UIC even where transactions have been rejected or otherwise have not been concluded;

bear in mind that the reporting requirement applies throughout the duration of the relationship with the customer and is therefore not limited only to the phases in which the relationship is opened or closed. A customer’s decision to terminate a relationship does not in itself grounds for suspicion;

evaluate possible anomalous profiles also with reference to the transactions of other domestic and foreign intermediaries. In this context, special attention must be paid to activity involving intermediaries not of high standing or persons operating in countries identified as “non-cooperative”.

The reporting requirement also applies to transactions having no amount. For transactions involving financial transfers, intermediaries may establish a minimum threshold of attention on the basis of criteria of functionality, economic viability and efficiency. Specific importance is to be attached to cash transfers involving unusual amounts.

The transaction report is distinct from a report of matters having penal relevance. It constitutes a notification triggering an economic and financial examination, possibly followed by investigations. Compliance with the transaction reporting requirement therefore does not exclude that the intermediary may report matters considered to have penal relevance to the judicial authorities.

Illegal transactions that do not give grounds for suspecting a connection with money-laundering but which are cause the intermediary an injury shall be evaluated for the purposes of a report to the judicial authorities only.

Special attention is necessary in evaluating anomalous operations attributable to persons regarding whom there have been requests for information in connection with criminal investigations or for the application of preventive measures. Intermediaries shall evaluate whether to supplement the information transmitted to the judicial authorities concerning such persons or instead to send a

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