Diamond scams, Bank of Italy knew but said nothing to its customers
There Bank of Italy was informed since 2013 about the sale of diamonds by several lenders to their customers, but they did nothing to stop that business. Bank of Italy – reads the Fatto Quotidiano – discovered the flaws through a supervisory inspection in Banca Aletti (at the time in the Banco Popolare group, today Banco Bpm) which began on 16 May and ended on 11 October 2013, the report of which was delivered to the board of directors on 8 January 2014. This resulted in another audit by the Financial Intelligence Unit (the Bank of Italy’s anti-money laundering body) initiated in Banca Aletti and in Aletti Fiduciaria on 20 September e finished December 23, 2013the results of which were announced on January 16, 2014. Subsequently on Banco Bpm emerged “a direct and significant involvement of the bank in diamond marketing activities not correctly reported “.
Despite that discovery on the stones of the Idb broker, “which highlighted how some operations carried out could respond to opaque purposes“, However, – continues the fact – Via Nazionale did not mention it with the savers or the market and did not intervene to stop the business through banking channels because diamonds were not banking products but “connected services”, therefore, the relative controls did not fall under his responsibility. This was confirmed yesterday, in the hearing at the bicameral Commission of inquiry on banks, the general manager of Bank of Italy Luigi Federico Gentlemen. Signorini intervened in place of the Governor Ignazio Visco. As of September 30, the stone business involved 71 thousand bank customers, which they collected commissions of 273 million.
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