ANTI-MONEY LAUNDERING - COMBATING THE FINANCING OF TERRORISM
The Intesa Sanpaolo Group is committed in the fight against money laundering and the financing of terrorism, that it is a priority for the international community, and in the support to the sustainable growth in line with the “UN Sustainable Development Goals” (SDGs). SDGs call on countries to significantly reduce illicit financial flows (IFFs) by 2030. IFFs:
- refer to the movement of money across borders that is illegal in its source (e.g. corruption, smuggling), its transfer (e.g. tax evasion), or its use (e.g. the financing of terrorism);
- constitute a major disabler to sustainable development. They can have a direct impact on a country’s ability to raise, retain and mobilise its own resources to finance sustainable development.
What is money laundering? What is financing of terrorism?
“Money laundering” is the process of concealing the illicit origin of proceeds of crimes.
The “financing of terrorism” is the collection or the provision of funds for terrorist purposes. “Terrorism” remains one of the most significant threats to peace, security and stability, as well as to the enjoyment of human rights and social and economic development.
In the case of money laundering, the funds are always of illicit origin, whereas in the case of the financing of terrorism, funds can stem from both legal and illicit sources.
Money launderers and terrorist financiers exploit loopholes and differences among national anti-money laundering and combating the financing of terrorism systems and move their funds to or through jurisdictions with weak or ineffective legal and institutional frameworks.
Money laundering and the financing of terrorism are financial crimes with economic effects. Effective anti-money laundering and combating the financing of terrorism regimes are essential to protect the integrity and stability in financial markets.
| AML Policy |
The Intesa Sanpaolo Group adopted an organizational asset, operating and control procedures, as well as an information system that are suitable for guarantying the observance of AML laws and regulations, defining the so-called AML Policy (“Guidelines for combating money laundering and terrorist financing and for managing embargoes”) that illustrates the choices made on the different relevant profiles.
| “Guidelines for combating money laundering and terrorist financing and for managing embargoes” |
| Wolfsberg Questionnaire |
Any information and documents relevant to the Know Your Customer process are available via the SWIFT KYC Registry/Accuity, of which Intesa Sanpaolo is a user and contributor. Intesa Sanpaolo encourages third-party banks looking for Intesa Sanpaolo due diligence information to use this utility first. Intesa Sanpaolo signed a single Wolfsberg Questionnaire certification that includes also its international branches. In order to allow the counterparties to comply with the due diligence obligation, Intesa Sanpaolo and the companies of the Group made available to them the following Wolfsberg Questionnaire certifications:
| Intesa Sanpaolo S.p.a. | |
| Fideuram - Intesa Sanpaolo Private Banking S.p.a. | |
| Intesa Sanpaolo Private Banking S.p.a. | |
| Società Italiana di Revisione e Fiduciaria S.I.RE.F. S.p.a. | |
| Fideuram – Intesa Sanpaolo Private Banking Asset Management SGR S.p.a. | |
| IW Private Investments SIM S.p.a. |
| USA Patriot Act |
|
Intesa Sanpaolo and the companies of the Group, as other foreign banks, maintain correspondent accounts in the United States. Therefore, in compliance with the principles regarding the fight against money laundering and the financing of terrorism, they have to complete the USA Patriot ACT certification published by the US Department of the Treasury. Intesa Sanpaolo signed a single USA Patriot ACT certification that includes also its international branches. Specific USA Patriot ACT certifications related to the single subsidiary banks of the Group are also available.
| Intesa Sanpaolo S.p.a. | |
| Fideuram - Intesa Sanpaolo Private Banking S.p.a. | |
| Intesa Sanpaolo Private Banking S.p.a. |
Last updated 2 August 2024 at 15:02:53
