ASIF acts as the central Authority with exclusive competence for supervision and regulation in the prevention and countering of money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction. The Authority's action is aimed at ensuring that obliged entities have adequate organisational arrangements, procedures and control systems capable of effectively identifying, assessing and mitigating money laundering, terrorist financing and proliferation financing risks.
To this end, ASIF collects and analyses data and information, defines risk-based supervisory programmes and verifies compliance with the obligations established by current legislation through documentary checks, off-site monitoring and on-site inspections. The Authority also assesses the effectiveness of internal control systems, suspicious activity reporting mechanisms and the measures adopted by supervised entities to mitigate the risks identified.
Particular importance is attached to assessing the suitability and integrity of persons holding administrative, control, management or other significant positions within supervised entities, with a view to preventing any form of criminal infiltration into the financial system. In the cases provided for by law, the Authority may also propose the application of administrative and sanctioning measures.
As part of its regulatory function, ASIF contributes to the continuous strengthening of the Vatican AML/CFT/CPF system by drafting and updating secondary legislation in line with the standards issued by the FATF, with international Recommendations and with European legislation incorporated into the legal system of the Jurisdiction.
Alongside its supervisory and regulatory activities, the Authority carries out extensive work to support, raise awareness and develop the operational capabilities of obliged entities and other reporting entities. To this end, it organises training programmes, seminars and specialist initiatives aimed at fostering a proper understanding of the current regulatory framework, disseminating international best practices and strengthening the culture of prevention within the Jurisdiction.
ASIF also provides technical assistance and interpretative guidance on the application of AML/CFT/CPF legislation, promoting the adoption of internal control systems, procedures and safeguards that are increasingly effective and proportionate to the risks identified.
Within its areas of competence, the Authority also contributes to the preparation and updating of the Jurisdiction's General Risk Assessment by collecting and analysing data, information and statistics, and by preparing sectoral assessments and recommendations aimed at continuously strengthening the system for preventing and countering money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.