AMLD6 transposition clarifies beneficial ownership access

The draft legislative decree implements the 2024 European Delegation Law, transposing provisions on access to beneficial ownership registers from EU Directive 2024/1640 (AMLD6).

This directive is part of the broader EU Anti-Money Laundering (AML) Package, which reforms the AML/CFT system.

Banca d'Italia supports ministerial offices in aligning national provisions with this package.

Beneficial ownership registers, introduced by AMLD4, are central databases collecting information on individuals who ultimately control companies and other legal entities.

In Italy, these are governed by Legislative Decree 231/2007.

However, the Italian register's operation is currently suspended due to litigation initiated by fiduciary companies in 2023, challenging disclosure obligations for fiduciary mandates, citing confidentiality.

This case is before the Court of Justice of the European Union.

The debate over access to beneficial ownership information has been central in Europe.

While AMLD4 allowed access based on "legitimate interest," AMLD5 expanded this to "in any case" public access.

However, a November 22, 2022, CJEU ruling deemed indiscriminate public access a violation of fundamental rights, reverting to the "legitimate interest" requirement.

This led to national inconsistencies in defining "legitimate interest.

" AMLD6, through specific articles, now harmonizes the verification of "legitimate interest" and identifies categories where it is "presumed" by law.

This approach respects the CJEU's ruling, reduces administrative burden, and aims to ensure accurate and up-to-date information in the registers.