International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Wednesday, November 13, 2019

Italy Implements EU Directive AML5 (aka AMLD5) Expanding PEP Definition and Dealing with Digital Currency

LEGISLATIVE DECREE 4 October 2019, n. 125 

Changes and additions to legislative decrees 25 May 2017, n. 90 and n. 92, implementing directive (EU) 2015/849, as well as implementing directive (EU) 2018/843 amending directive (EU) 2015/849 concerning the prevention of the use of the financial system for money laundering or financing of terrorism and amending directives 2009/138 / EC and 2013/36 / EU. (19G00131) (General GU Series n.252 dated 10-26-2019)

note: Entry into force of the provision: 10/11/2019

Example (using Google Translate on the legislation)

Art. 50 (Ban on accounts or savings accounts in anonymous form or with fictitious header and products of anonymous electronic money). 
1. Opening in any f
orm of accounts or savings books anonymously or with fictitious header as well as the issue of products of anonymous electronic money is prohibited. 2. The use, in any form, of accounts or booklets of savings in anonymous form or with fictitious header as well as the use of electronic money products anonymous, open or issued in foreign countries, is forbidden. 2-bis. The prohibition of issuing and using products of anonymous electronic money, provided by paragraphs 1 and 2, starts from 10 June 2020.

https://lawprofessors.typepad.com/intfinlaw/2019/11/italy-implements-eu-directive-aml5-aka-amld5-expanding-pep-definition-and-dealing-with-digital-curre.html

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