The owners of a business bank account will surely be aware of the fact that there is the obligation for professionals to report a suspicious transaction, according to the anti-money laundering legislation in force in Italy.
In this article we want to tell you what operations are suspected and which are the operational procedures to follow.
When does the report start and on which elements is based? It starts when the bank has reasonable grounds and evidence to suspect that the transactions fall under the scope of money laundering or terrorist financing, or that the funds come from activities that are not well traceable.
The suspicion arises from the characteristics and nature of the operations, from frequent or unjustified recourse to cash transactions, in particular, the withdrawal or payment of amounts not consistent with the customer’s profile.
Reporting contents and professional secrecy
All data and information regarding suspicious transactions and the reasons that led to the report are subject to the obligation of availability to requests for further information.
These communications, made in good faith by the obliged parties, do not constitute an infringement of any restrictions on the communication of information imposed by the contract or by any legislative provisions.
It is useful to know that the reporting party is forbidden to inform the client or third parties of the report and any subsequent requests made by the FIU.
Examples of recurrent anomalous behavior
Which are the recurring and widespread anomalous behavior that could induce the owner of an online business bank account to report the situation? Here are some examples. The customer or company owner:
– mind about your identity or provide inaccurate or incomplete information about the purpose and nature of the requested service;
– is reluctant to provide information;
– requests professional services for purposes not compatible with the economic-patrimonial profile of his activity;
– uses significant amounts of cash to make payments.
The report of suspicious operation must be carried out immediately, as soon as the professional collects significant items, even before the start of his professional performance. If you become aware of the fact that a money laundering operation is under way, you must refrain from providing the professional service, unless your behavior does not hinder the investigation or is not possible due to proven reasons.
How to report a suspicious operation
The report is divided into several main points:
– information on the operations, subjects and relationships between them;
– descriptive elements on the grounds of the suspect;
– any documents to attach.
After receiving a report, the FIU carries out a reliability assessment and begins a financial analysis, assesses whether to file the reports as unfounded, or whether to transmit the results to the Anti-Mafia Investigation Directorate and to the Special Currency Police Unit of the Guardia di Finanza.
If you have an online business bank account and need more information about suspicious reporting obligations, do not hesitate to contact our experts.