Measures to combat money laundering The infiltration of criminal elements into economic activities has become diffuse, partly as a result of the crisis. The banks are the cornerstone of the battle against this degeneration. They must have a thorough knowledge of each customer and assess the risk of their involvement in illicit dealings.
The Bank of Italy has tightened the application of rules and controls further. The inspections performed at numerous bank branches – 120 in late 2009 and early 2010 – have brought to light widespread shortcomings in the scrutiny of clients, the training of personnel, and the procedure for reporting suspicious transactions.