Name
Global FinTech Guide
Country _ Name
Italy
SectionTitle
KYC requirements
Body
The know your customer or know your client (KYC) guidelines and regulations for financial services require that professionals try to verify the identity, suitability, and risks involved with maintaining a business relationship.

Legal affairs

National regulatory framework regarding AML and effective date of the regulations

Legal and regulatory requirements governing AML. Law 142/1992 the first AML Act; Legislative Decree 231/2007 the AML Act currently in force (“AML Act”).

National regulator or relevant authority for AML controls

The Bank of Italy and its Financial Intelligence Unit (“FIU”).


Customer Due Diligence

Conduct of a typical KYC identification process

Identification of the transaction; Money Sources and Ultimate Beneficial Owner.

Possibility to meet customer due diligence requirements by relying on third parties who are obliged by law themselves to comply with AML regulations

It is allowed, provided certain conditions are met under the AML Act.

Possibility to outsource customer due diligence by contract to other third parties who are not obliged by law to meet AML regulations and rely on these (e.g., WebID, IDnow, PostIdent)

It is allowed, provided certain conditions are met under the AML Act.

Presence of a license or registration requirement for the third party in case of outsourcing customer due diligence

No license requirements.

Further questions

Entities that could be relied on specifically by law as a third party to comply with AML regulations (regardless of outsourcing)


Yes credit institutions
Yes financial institutions
Yes auditors, external accountants, and tax advisors
Yes notaries and other independent legal professionals
Yes other trust or company service providers
Yes estate agents
  other persons trading high-value goods
Yes providers of gambling services

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