The Bank’s compliance unit is an independent task force responsible for second-order controls, whose purpose is to safeguard the Bank against the risk associated with the infringement of rules, ie, the risk of legal or disciplinary sanctions and of financial or reputational losses which the Bank might incur as a consequence of non-compliance with any relevant laws, regulations, codes of conduct or established best practices.
The compliance function’s remit covers the full range of rules governing banking and investment services. In late 2010, the compliance function was expanded to include a money-laundering prevention function to guard against the risk associated with money laundering and the financing of terrorism.
THE COMPLIANCE & MONEY-LAUNDERING PREVENTION DEPARTMENT IS CONCERNED WITH:
- monitoring regulatory developments in the dual field of compliance and money-laundering prevention, and evaluating their impact on the Bank’s processes and procedures;
- recommending organizational and procedural adjustments apt to mitigate non-compliance risk (with a special emphasis on money-laundering prevention);
- conducting ex-post checks on the effectiveness of proposed adjustments;
- reporting to the Bank’s governing bodies and to the competent authorities (Banca d’Italia, the Ministry of Economy and Finance, CONSOB) on any relevant issues;
- reporting to the Bank’s governing bodies and to the competent authorities (Banca d’Italia, the Ministry for the Economy and Finance, CONSOB) on any relevant issues;
- supporting and advising the Bank’s governing bodies and the departments and units concerned;
- designing staff training courses;
- fostering a compliance-focused culture across the Bank’s departments and units.