withdrawals and payments of more than 10 thousand euros will be reported

Anti-money laundering regulations are constantly evolving. A few days ago, an important paper on this topic was published by the Bank of Italy. These are the Instructions on Objective Communications . This document establishes that from now on, any type of payment equal to or greater at the threshold of 10 thousand euros must, obligatoryily be reported to the Bank of Italy and, more specifically, of the UIF, Financial Information Unit .

The new limit of 10 thousand euros

As specified in the document published by the Bank of Italy, henceforth all movements relating to payments and withdrawals will be reported, which, during one month will reach the threshold mentioned above.

Exactly 10 thousand euros. It should be noted that, despite the cumulative movements reported to the FIU, on the basis of this information alone the financial administration will not automatically trigger checks [VIDEO] a. Communication will be an obligation for credit institutions in the broader perspective of anti-money laundering legislation. And as a result, the main objectives remain the fight against organized crime and international terrorism.

Bulletin of the Bank of Italy

The Bank of Italy states that the new document concerning objective communications "is expressly intended for certain categories of financial intermediaries . Among these are banks, issuers issuing electronic money, the Italian Post, institutions issuing payment cards.

The document will remain in consultation phase and, therefore, available to the various economic operators concerned for the next 30 days in accordance with established practice. This is to give institutions the opportunity to provide their suggestions. Subsequently, it will become fully binding. The credit institutions and other financial intermediaries [VIDEO] concerned will have to communicate these data with monthly frequency .

Attention to cryptocurrencies

The Bank of Italy document, then, it does not neglect the new frontier of cryptocurrency . According to the director of the UIF, Claudio Clemente organized crime has indeed learned to exploit the new recycling opportunities offered by cryptocurrency. Especially, with regard to the reintegration into the legal economy of the proceeds of illicit transactions . More so than with the development of electronic transactions some sectors of the so-called "virtual" economy are particularly exposed.

The Director of the UIF thinks above all of possible frauds to the detriment of frequent users. Private Banking, money transfer or credit cards. But also other areas could be extremely vulnerable . Clement gives an example of the real estate sector, the gambling sector and paris, but also the professionals of accounting and law.