The anti-money laundering tightens its screws on bank account holders. If by the end of the year they do not provide their institutions with the information that the banks themselves request, they will first see each transaction blocked and then even close their account and be reported to the authorities and supervisory bodies. These are the consequences of Legislative Decree No. 231 of 2007 on the prevention of the phenomenon of money laundering and terrorist financing.
In recent weeks, bank current account holders have received a letter from their bank requesting the supply of "additional information to that already provided in the initial assessment phase". It is a question of "a precise regulatory obligation" on the part of the banks, precisely in the light of that legislative decree. This legislation governs obligations, responsibilities, tools, activities, actors and times to allow financial intermediaries (and others) to correctly assess the operations of their customers and identify any behavior that is inconsistent with the information held by the bank, which can cause suspect money laundering activities. The decree envisages the immediate acquisition of information for new customers, while for existing customers, the integration of information already held by the bank was envisaged in more diluted times. Over the years, banks have proceeded to first contact customers with more critical profiles or with more significant economic behaviour, to then complete customer due diligence with regard to customers with less risky profiles.
But what additional information do lenders refer to? And how does this information relate to the protection of personal data? It is the Bank of Italy that specifies, with the implementing provisions of the aforementioned decree issued last April, the "further information to be acquired" in addition to personal data, of course: "the origin of the funds used in the relationship, the business and relations with other recipients, the economic situation (sources of income) and property, the employment, economic and property situation of family members and cohabitants”. The Bank of Italy circular adds that "in addition to the documents indicated above, balance sheets, VAT and income tax returns, documents and declarations from the employer, intermediaries or other subjects may be acquired". And this when the same banks "detect, according to a risk-based approach, elements that could constitute a high risk of money laundering".
On the part of the banks there is the assurance that the information collected must not and cannot be disclosed on the basis of compliance with the confidentiality obligations pursuant to Legislative Decree no. 196 of 30 June 2003, regarding the protection of personal data. But - it is then pointed out - they can be communicated to the Supervisory and Control Authorities and Bodies, in the cases provided for by law.
But what happens in the event of unregulated positions due to the impossibility of contacting the customer or the will of the same not to provide the requested information? On the basis of the provisions of the anti-money laundering decree, from 1 January 2014 the bank will be obliged to refrain from carrying out further requested operations, to revoke any check agreement and, lastly, to close the contractual relationship. In this circumstance, it is envisaged that the customer's funds are transferred to another bank indicated by the customer himself and that the reason for the transfer contains the reference to the impossibility of fulfilling the due diligence obligations.
