Legislative Decree No.231/2001
Legislative Decree No. 231 of 2001 introduced a complex and innovative system of fi nes and sanctions to the banking sector, which establishes the administrative responsibility of entities for crimes committed in their interest or to their advantage by parties who occupy a senior management position in those entities or by persons subject to supervision by them.
In order for an entity to be held responsible, the crime committed must be objectively related to the entity and it must constitute part of the company’s policy or at least result from “negligent organisation” in the sense of failure to adopt the controls needed to prevent the crime from being committed. In order to reinforce the preventative function of the system introduced, an entity is not held responsible if it has adopted and effectively implemented a system of organisation and management (including codes of conduct) designed to prevent crimes of this type from being committed