The first step of the verification concerns the exact perimeter of the branches of financial activity in which the broker is involved, the methods of its offer, the consistency and articulation of the network of collaborators.

Those who perform administrative, management and control functions must meet the requirements of integrity and professionalism laid down by law.

The Supervisory Office checks that these requirements are still met and, if it finds that they have been compromised, it initiates procedures to remove them from the lists.

With regard to company representatives of mediation companies, as well as employees and collaborators in contact with the public, the activities carried out by the mediator over time are verified in order to check the requisites of honorability and professionalism that the regulations require for the various roles.

The Office pays particular attention to verifying compliance with the obligations of professional training imposed on those mentioned above.

In the event of a lack of attention in the aforesaid checks, an adequate sample of subjects is used to check the original existence and permanence of these requirements.

Communication n. 23/19

Integrity substitute declaration form

Communication n. 12/16

We verify the stipulation of an insurance policy, in place and for the recent past, relating to civil liability for damages caused, in the exercise of the activity, by the conduct of the broker and its employees and collaborators.

See also Communication no. 3/14 containing clarifications regarding the stipulation of the insurance policy for civil liability for damages caused in the exercise of the activity of financial agency, as per art. 128-quinquies, paragraph 1-bis of Legislative Decree no. 385 of September 1, 1993, by collaborators.

Attention is paid to the possession of the technical - IT requirement consisting in the provision of a valid certified e-mail account.

See also OAM Communication no. 13/17 "clarifications regarding the technical and IT requirement relating to the possession, by Agents and Brokers, of a certified e-mail address, pursuant to art. 18 of Legislative Decree no. 141 of 13 August 2010".

The organisational set-up of the control measures with which the company is equipped should be examined, taking into account, however, the so-called "proportionality principle" (i.e., due to the organisational, size and operational complexity), in light of the provisions set out in Ministerial Decree no. 31 of 22.1.2014 and the Guidelines of the Organization of 1.10.2014.
Prominent among these controls is the verification regarding the preparation of the explanatory report on the system of controls, duly formalized.

The brokerage firm must equip itself with second-level control functions, aimed at verifying the conformity of conduct with legal and regulatory obligations (compliance) and at controlling the risks deriving from the performance of the company's activities (risk management). They can be combined and can also be assigned to the Anti-Money Laundering Manager.

The requirements of expertise, authority and independence of the person in charge are assessed, as well as his/her actual work, the way in which he/she reports his/her critical assessments to company representatives and to the Board of Auditors (if any), his/her influence in having corrective resolutions adopted.

The two second level control functions in question - as well as the anti-money laundering function - can be outsourced; in this case the existence of a formal resolution, the content of the contract, the competence, authority and independence requirements of the delegate, the appointment of an internal contact, the effective control activity carried out by the delegate, the attention (also proactive) paid by the internal contact.

For companies with more than 20 employees and collaborators in contact with the public, an internal audit function must be set up, which is of third level and cannot be combined with the previous ones, aimed at periodically assessing the internal control system as well as verifying the regularity and correctness of operations. This function may also be outsourced; if so, checks similar to those described above will be carried out.
With regard to the Board of Statutory Auditors, if any, it will be verified - also by examining the related minutes - which actual commitment it has made, in its role as supervisory body, to the supervisory and stimulating function required by the sector's regulations.

The competence of the Organisation with regard to credit mediation companies also extends to the profiles of transparency and correctness in relations with the client (the financing applicant).

The completeness and conformity of the pre-contractual informative documentation is verified, its usability in the various modes of the offer; an adequate sample of contracts is examined.

A copy is obtained of any agreements that the credit brokerage company has signed with financial intermediaries, assessing their number and content.
The actual conduct of the broker in offering proposals to the client is assessed, also by examining an adequate sample of files (both successful and unsuccessful) and acquiring information on the methods of loading data onto the management systems of the various financial intermediaries.

In addition to the relative Circulars, reference should be made to the following clarifications:

Communication no. 16/17 containing clarifications regarding the performance by credit brokers of the activity of consultancy. Observations regarding the splitting of the mediation fee.

Communication no. 15/17 containing clarifications regarding the method of acquiring and filing the documentation transmitted by collaborators who carry out activities of "offer outside the office".

Communication no. 14/17 containing clarifications regarding the fulfillment of the information obligations of brokers, towards consumers, on the commissions agreed with the various intermediaries.

Communication no. 9/16 containing clarifications regarding certain transparency obligations in the exercise of the activity of credit mediation.

Communication no. 2/13 containing clarifications regarding the performance by credit brokers of the activity of consultancy and "co-mediation".

Communication no. 1/13 on the carrying out of the activity of reporting by subjects registered in the Lists.

The methods for identifying the client in the various forms of the offer effectively practiced by the company are verified. In the case of customers who are not natural persons, the procedures for carrying out the so-called "adequate verification" will be examined, as well as their effective compliance through an adequate sampling of concrete cases.

The appointment of the Anti-Money Laundering Manager, his requisites of competence, authority and independence, his effective work, the way in which he reports his critical evaluations to the company representatives and the Board of Auditors (where existing), his influence in having corrective resolutions adopted are verified.

A verification is carried out as to whether a procedure for the identification and assessment of suspicious transactions has been approved and whether adequate periodic training is provided for employees and collaborators.