The Bank of Italy published Recommendations on how financial institutions should perform self-assessments of money laundering and terrorist financing (ML/TF) risks, following a thematic review of current practices. The Recommendations are intended to disseminate good practice and help institutions identify and address vulnerabilities promptly. The thematic review covered a sample of financial institutions operating across different sectors and treated ML/TF risk self-assessment as a key tool for building awareness of threats and evaluating the robustness of mitigating controls. The Recommendations focus on the organisation and functions involved in the exercise, the methodology applied and tools used, and group-level internal controls.
Bank of Italy 2025-10-23
Bank of Italy issues recommendations to strengthen firms’ self-assessment of money laundering and terrorist financing risks
The Bank of Italy issued Recommendations for financial institutions on conducting self-assessments of money laundering and terrorist financing risks, following a thematic review. The guidance aims to promote good practices and enhance vulnerability identification and mitigation. It emphasizes the importance of organization, methodology, tools, and group-level internal controls in the self-assessment process.