The Institute for Works of Religion, commonly known as the Vatican Bank, has pledged to implement anti-money laundering legislation based on the FAFT Recommendations that would require it to report suspicious transactions, ascertain the identity of their clients, report large transactions and establish an anti-money laundering compliance regime. The Vatican Bank has also agreed to adopt the EU Directive 2005/60/EC on money laundering. The changes come after Italian prosecutors placed bank chairman Ettore Gotti Tedeschi and his deputy Paolo Cipriani under investigation and seized 23 million Euro from a Vatican Bank account.