Orrick - Finance 20/20 (JD Supra Italy)
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Anti-Money Laundering: Italian Competent Authorities Issue Clarification on the Duty of Restitution of Money/Securities to Customers for Whom the Due Diligence Cannot be Carried Out
New paragraph 1-bis of article 23 of Legislative Decree 21 November 2007, no. 231 (the Italian anti-money laundering law), introduced by article 18 of Legislative Decree 19 September 2012, no. 169, provides that, in the event the addressees of anti-money laundering law are unable to comply with the customer due diligence obligation, they must return money, securities and other financial means to...
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Italian Supreme Court Extends the Scope of Consumer Protection Provisions Under the Italian Financial Law
On June 3, the Joined Chambers of the Italian Supreme Court issued a decision concerning the obligation for banks and financial intermediaries, engaging in “door-to-door” selling of financial instruments, to provide a withdrawal right (jus poenitendi) to be exercised by retail clients within seven days of the signing of the relevant contract.