In a globalized and increasingly regulated financial environment, certification of the Anti-Money Laundering (AML) officer's skills plays a crucial role in corporate governance. In this article, we explore how these skills influence the criminal liability of the Board of Directors (BoD) in light of Legislative Decree No. 231 of 2001 in Italy and other relevant international regulations.

Extended Regulatory Context:
Legislative Decree 231/2001, supplemented by subsequent regulations, establishes administrative liability for legal entities in the event of economic crimes, such as money laundering, committed by employees or representatives acting in the entity's interest. European Union directives on anti-money laundering, such as Fifth and Sixth Anti-Money Laundering Directives (Directive (EU) 2018/843) further extends these concepts by imposing transparency and due diligence requirements at the EU level. These directives oblige Member States to ensure that obliged entities adopt adequate procedures for the prevention and management of money laundering risks. In particular, the D.Lgs 231 / 2007, which implements the European Directives on combating money laundering, introduces specific training requirements for obliged entities. Article 16 of this decree emphasizes the importance of ongoing training, requiring obliged entities to implement ongoing training programs to ensure the correct application of anti-money laundering regulations and the ability to recognize suspicious transactions.

The third paragraph states: "The obliged entities shall adopt measures proportionate to their risks, nature, and size, to inform their personnel of the obligations to which they are subject under this decree, including those regarding the protection of personal data. To this end, the obliged entities shall ensure the implementation of ongoing training programs aimed at the correct application of the provisions of this decree, the recognition of transactions related to money laundering or terrorist financing, and the adoption of the appropriate behaviors and procedures..."

The Sixth Anti-Money Laundering Directive (Directive (EU) 2018/1673), aims to further strengthen the legal framework for the prevention of money laundering and terrorist financing. This Directive broadens the definition of money laundering offenses and introduces more stringent requirements for the criminal liability of legal persons. Furthermore, the Directive emphasizes the need for effective internal systems and controls within organizations, as well as cross-border cooperation between supervisory authorities. Compliance with these directives requires strong internal governance, evidenced by the presence of qualified AML officers, whose training and certification are crucial to ensuring the effectiveness of the organizational models adopted.

With the incorporation of the provisions of the Sixth Anti-Money Laundering Directive, organizations' responsibility will intensify, making the presence of a certified AML officer not just a precautionary measure but an essential requirement for legitimate operations in the financial sector. This emphasizes the importance of international AML certifications, such as the AMLACERT , CAMS, in strengthening internal governance and mitigating legal risks.

Learn more about the FATF (Financial Action Task Force): FATF recommendations also play a significant role, establishing international standards that influence national legislation, including that of Italy. The FATF recommends that financial institutions implement AML/CTF (Anti-Money Laundering and Counter-Terrorism Financing) compliance programs that include training, monitoring, and verification of internal policies adopted to combat money laundering. These recommendations emphasize the importance of having qualified and well-trained AML officers to maintain high compliance standards.

Reflections on Organizational Effectiveness: Adding to what has already been discussed, the ISO19600 Standard, which provides guidelines on compliance management, recommends adopting a systematic and documented approach to compliance management. This standard supports the idea that a well-defined organizational structure and clearly defined responsibilities are essential for an effective AML risk management regime.

The Role of AMLACERT and CAMS Certifications: The role of the AML manager, when supported by internationally recognized certifications such as AMLACERT (Anti-Money Laundering Advanced Certification) or CAMS (Certified Anti-Money Laundering Specialist), takes on a crucial role in this regulatory environment. These certifications not only confirm in-depth knowledge of national and international AML best practices and regulations, but also ensure that the manager possesses the necessary skills to effectively implement these practices within the institution.

Training and Innovation: The European School of Banking Management, a European leader in AML training, offers the opportunity to obtain the AMLACERT and CAMS certifications (with an exam in Italian) through the Anti-Money Laundering Diploma. This program aims to provide students with an advanced understanding of money laundering prevention strategies, preparing them to manage and innovate AML compliance models within their organizations.

Conclusion: The synergy between Legislative Decree 231/2001, European Directives and FATF Recommendations, together with compliance management standards as defined by ISO 19600, creates a robust framework for organizations.

The presence of an AML officer with certified skills, such as those guaranteed by AMLACERT and CAMS, is a key element in demonstrating the institution's proactivity and diligence in preventing money laundering. While certification in itself does not automatically exonerate the Board of Directors from all possible individual criminal liability, it is crucial for assessing the effectiveness of the adopted organizational model. If the model is deemed compliant and operating effectively, the institution's liability can be excluded, providing tangible evidence of the institution's commitment to the fight against money laundering, provided that the crime was committed by fraudulently circumventing the organizational model.

 Expert Opinion

Dr. Isabella Fontana
Manager/International relations at Ministry of Economy and Finance

According to Dr. Fontana, since 2012, when the FATF's international standards for preventing and combating money laundering—and thus financial crimes in a broader sense, including tax evasion, corruption, cybercrime, and terrorist financing—became more stringent, training for those required to do so has become essential.

The new concept of the risk-based approach, incorporated into the Fourth and Fifth European Directives, requires intermediaries, both financial and otherwise, to possess a body of knowledge and experience that goes beyond simple due diligence. Mapping the risks associated with different customer targets and activities requires thorough training, keeping pace with new analysis methodologies.

By moving from a rule-based system to a self-assessment system for AML risks, the responsibilities of obliged entities have increased, in a certain sense, because they have a more flexible scope for applying the rules, not just for enforcement. In this new prevention system, which will be further strengthened by the upcoming release of the AML Package in 2024, certification of adequate skills becomes a fundamental guarantee for customers and the authorities with whom they are required to collaborate.

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Dr. Emmanuele Di Fenza
Former Anti-Financial Crime Manager and Risk Taker at Intesa Sanpaolo

Reflecting on the issue, Dr. Di Fenza emphasizes that the training process represents a substantial safeguard for the company and its management when it is based on proven and robust effectiveness. I have often encountered stereotyped and repetitive training projects, whether delivered using IT tools or traditional sessions, which, in essence, are primarily useful in the initial stages of resource training.

These processes, in fact, have the sole purpose of developing and strengthening regulatory expertise (internal or external), which represents only a starting point, however obvious and essential, in the system of internal anti-money laundering control measures.

A robust, continuous training tool must be able to support improvements in critical issues or shortcomings identified within the organization of company departments.

While obvious, the simultaneous presence of certified skills such as those guaranteed by AMLACERT and CAMS completes the company framework, providing essential indicators of the adequacy of the level of knowledge pursued by managers and employees.

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 Attorney Fabrizio Vedana

Director Across Group. Family office, fiduciary, trust.
Partner in companies active in fintech and blockchain

Attorney Vedana emphasizes that the skill set currently required of anti-money laundering professionals has significantly evolved beyond mere regulatory knowledge. Today, it is essential to integrate organizational, technological, and data quality skills. Critically, with the introduction of the role of Chief Anti-Money Laundering Officer, it becomes essential for managers to possess strong interpersonal skills to effectively navigate internal dynamics and improve the effectiveness of compliance strategies.

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 Attorney Fabio Carnevali

Director of the Ministry of Economy and Finance – Office IV – Legal Affairs and Litigation Service

From an in-depth perspective, Attorney Carnevali explains that adequate training for AML managers and staff can be important in implementing organizational and management models designed to prevent money laundering, pursuant to Article 6, paragraph 1, letter a) of Legislative Decree no. 231 of 8 June 231: the entity's liability is excluded if the governing body has adopted and effectively implemented these models.

However, the role of adequate and effective training for AML managers and staff also takes on particular importance within the framework of international, European, and domestic sector regulations.

In particular, the EU AML directives, in accordance with a risk-based approach, require obliged entities to adopt organizational models appropriate to the size and complexity of the organization, capable of effectively preventing the risk of money laundering and terrorist financing.

In terms of national legislation, Legislative Decree No. 231 of 21 November 2007, as amended, implementing the EU AML Directives, provides a series of provisions for the implementation of appropriate risk mitigation measures.

In particular, pursuant to Article 16 (risk mitigation procedures), “the obliged entities adopt the safeguards and implement the controls and procedures, appropriate to their nature and size, necessary to mitigate and manage the risks of money laundering and terrorist financing" among which "the introduction of an anti-money laundering function, including, where appropriate to the size and nature of the business, the appointment of an anti-money laundering function manager and the provision of an independent audit function to verify policies, controls and procedures", as well as "the implementation of ongoing training programs aimed at the correct application of the provisions of this decree, the recognition of transactions related to money laundering or terrorist financing, and the adoption of the appropriate behaviors and procedures."

Also the Bank of Italy, in the "Provisions regarding organization, procedures and internal controls aimed at preventing the use of intermediaries for the purposes of money laundering and terrorist financing” of 26 March 2019, provides for the adoption of AML organizational measures, including the establishment of a person responsible for the anti-money laundering function, as well as a person responsible for reporting suspicious transactions (who may also coincide with the anti-money laundering manager), who must “possess adequate requirements of independence, authority and professionalism”(Part Three, Section I, par. 1.3).

Section V of Part III is dedicated to staff training. Within the framework of the anti-money laundering framework, it provides for the need to implement training and education programs for staff on the obligations set forth by AML regulations, with ongoing, consistent, and systematic updates.

Accordingly, the sanctions system, governed by Legislative Decree no. 231/2007, for violations of AML administrative regulations, takes into account the organizational measures adopted.

In particular, in assessing the seriousness of the violations committed and the extent of the sanctions to be imposed, it is necessary to take into account "of the intensity and degree of the subjective element, also taking into account whether the violation can be attributed, in whole or in part, to the lack, incompleteness or inadequate dissemination of operating practices and internal control procedures” (articles 56, 57, 58, paragraph 2, letter a), as well as the adoption “of adequate procedures for assessing and mitigating the risk of money laundering and terrorist financing, commensurate with the nature of the activity carried out and the size of the obliged entities” (art. 67, paragraph 1, letter g).

In conclusion, the professionalism of the organizational figures most relevant to money laundering risk prevention, combined with the need for effective ongoing training for staff most directly in contact with customers and those responsible for anti-money laundering, constitute an essential safeguard to ensure the adequate organization of the obliged entities and can significantly impact the assessment of the seriousness of conduct in violation of AML regulations.

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 Dr. Alberto Armani

Senior Director - Group Head of KYC-AML at Intesa Sanpaolo
AMLACERT – CAMS – ACAMS Italy Chapter Board Member

With a career dedicated to fighting financial crime, Dr. Alberto Armani offers an interesting perspective on the importance of specialized training. Here are his thoughts: “During my extensive career in the anti-financial crime sector, I have always given priority toTraining is a fundamental pillar for my team's professional growth and expertise. An effective training program must be long-term, specialized, and practical, aimed at ensuring quality and progressive learning.

It is essential that this training, certified by prestigious awards such as AMLACERT and CAMS, goes beyond the simple transfer of theoretical knowledge, but is structured to assess students' actual learning. This approach allows us to identify and fill existing gaps, promoting a model of continuous learning improvement.

 

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