Italian AML news: confirmation of the new provisions on on-line KYC

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Italian news on on-line KYC for AML purposes, including the possibility to rely on SCA when certain conditions are met, have been confirmed.

On 14 September, Law Decree No. 76/2020 regarding urgent measures for simplification and digital innovation (the "Decree") was converted into Law No. 120/2020 (the "Law").

In this context, the following amendments to the Italian AML legal framework aimed at facilitating and simplifying the customer on-line on-boarding have been confirmed:

  • On-line KYC&SCA: the Law confirmed the possibility to rely on strong customer authentication ("SCA") under PSD2 for AML purposes where certain conditions are met;
  • Digital identity: the Law aligned the identity assurance level required for relying on the Italian digital public identity (SPID) and the digital identity pursuant to Regulation (EU) No. 910/2014 ("eIDAS Regulation") for AML purposes to the definitions set out under the eIDAS Regulation;
  • Identification data&ID: the Law confirmed that the check of an ID is no longer required in certain specific cases (e.g. use of a digital identity under the eIDAS Regulation). Also, the ID details (e.g. number, issuance and expiration date) are no longer included in the definition of "identification data" set out under the AML law.

Details of the above news are illustrated here.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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