Italy (IT)

Jurisdiction Overview

IDQuestionAnswer
471 *BO Record: Does the registration of domestic companies comprise beneficial owner's identity information? Yes, more than 25%. All companies require recording of all beneficial owners at threshold of more than 25% (FATF).
 Data Date: 2017

Notes

 
The (EU) 2015/847 Directive was implemented by Legislative Decree No. 90 of 25 May 2017, which came into force on 4 July 2017 (the “Decree”). The beneficial owner is defined as any natural person(s) who ultimately owns or controls the customer and/or the natural person(s) on whose behalf a transaction or activity is being conducted. When the customer is a corporate entity, an indication of direct/indirect ownership is a shareholding of 25% held in the customer. When the customer’s ownership does not allow to identify the natural person(s) who ultimately owns the customer, the beneficial owner is any natural person(s) who ultimately controls the customer by means of majority of the voting rights. The Global Forum confirmed in 2017 that the Decree brings "obligation to provide identification of beneficial owners to the Business Register – domestic companies and other legal entities established in Italy or required to be registered in the Business Register in Italy are required to communicate the information on their beneficial owners electronically to the Business Register (Registro delle Imprese)" (GF 2017: 37).

Sources

GF 2017: 37, 45
 
https://www.dlapiper.com/en/italy/insights/publications/2017/06/anti-money-laundering-directive-in-italy/
 
http://www.gazzettaufficiale.it/eli/id/2017/06/19/17G00104/sg
 
https://assets.kpmg/content/dam/kpmg/xx/pdf/2018/07/gls-transparency-register-web.pdf