Anti-money laundering controls

Under the law on money laundering, the notary must ensure the identification of clients, the beneficial owner of the operation and report any suspicious transactions to the UIF (Financial Information Unit) at the Bank of Italy.

According to data provided by the Guardia di Finanza (Financial Police), about 90% of the suspicious transaction reports received from professionals come from notaries, even though all professions are subject to reporting requirements. This aspect helps to understand how the notary serves the public side-by-side with the authorities in checks on legality. 

In recent years, the Notariat has been very active on this front and it was the first profession in Italy to assume the role and responsibility of interposition authority in this field. Here are the main steps:

  • In 2009, the Financial Intelligence Unit (UIF) at the Bank of Italy and the National Council of Notaries signed in Rome a memorandum of understanding governing the electronic exchange of information on suspicious transaction reports using methods that ensure the anonymity of the notaries reporting. 
  • In 2014, the Notariat presented its "Guidelines on the subject of client due diligence in accordance with Article 8, Paragraph 1, of Legislative Decree 231/2007”, prepared by the Anti-Money Laundering Group of CNN after checking with the Ministry of Economy and Finance, the Financial Intelligence Unit of the Bank of Italy and the Guardia di Finanza. The aim was to develop a document providing notaries with criteria for customer profiling and guidance on the procedures to be followed to carry out technical and operational requirements to combat money laundering, just as the Bank of Italy has recently done with banks to bring them into line with national and international regulatory standards. The notariat is the first professional order in Italy to have this tool. 
  • In 2014, CNN established a network of delegates for anti-money laundering activities in order to ensure the notarial profession is ever better trained in the complex and delicate question of guidelines for the prevention and combating of money laundering and consequently to facilitate the contribution of Notaries in the fight against this criminal phenomenon. 

Watch the video of the Congress: "Notariato e antiriciclaggio. Le nuove linee guida e gli aspetti operativi”