Compliance solutions

Compliance and disclosure to the Financial Information Unit for Italy

• Unique IT Filing Unit
  It is the main tool in the action prescribed by the Supervisory Authorities for compliance with the customer due diligence obligations of financial intermediaries.
  
  
• KYC (Know Your Customer)
  Banks and financial institutions have a complete end-to-end solution to manage the entire KYC process: the software carries out checks during customer acquisition and in the continuous due diligence process to identify high-risk individuals, such as PEPs (Politically Exposed Persons) and other individuals and organisations subject to sanctions. The solution can be adopted in stand-alone mode or integrated into the Compliance Services suite.
  
  
• AML
  The anti-money laundering solution effectively monitors customer transactions using historical analysis, group profile scrutiny and research scenarios with the aim of identifying money laundering activities. It is a research system aimed at detecting and preventing money laundering activities; it employs a risk-based method for monitoring suspicious transactions. The product applies advanced data processing and scenario analysis processes to customer data to automatically identify and record any suspicious behaviour.
  
  
• Embargo
  It allows the identification of persons and organisations subject to sanctions. It identifies and blocks all transactions to and from individuals and organisations on the lists of sanctioned parties or those subject to restrictions. 

Obligations and disclosures to the Italian Revenue Agency

• Continuous Relationship Register
  Complete management of the periodic disclosures to the Italian Revenue Agency of the relationships maintained by the financial intermediary with its customers. The periodic disclosure (Continuing Relationship Register) includes all financial relationships characterised, in general, by a single long-term relationship, falling within the exercise of the institutional activity of the financial dealer such as the transactions of payment, withdrawal or transfer of money or other valuable items.
  
  
• Financial investigations
  Complete management of the exchange of information flows between the financial intermediary and the Italian Revenue Agency following requests for tax assessment. The Financial Investigations module consists of a single IT structure independent from the various subsystems, and a repository in which all the data converges that is needed for research and is normally embedded in the various applications.
  
  
• Tax Monitoring
  It facilitates the management of the entire process of disclosure to the Revenue Agency of transfers to or from abroad of forms of payment by financial intermediaries.
  
  
• Balances and Movements
  Complete management of the annual disclosure to the Revenue Agency of the amounts of the Relationships maintained by the Financial Intermediary with its customers. The Financial Relationships Archive discloses the initial and final amounts of the relationships with customers and the total movements carried out during the reference year.
  
  
• SIRON FATCA
  Solution for the verification and reporting of customers according to the provisions of the US IRS. The requirements under the FATCA (Foreign Account Tax Compliance Act) oblige financial intermediaries to check new and existing customers for their possible taxable status in the United States.