Italian insurance regulator lays down law on identifying wealth of designated persons

Italy’s insurance supervisory authority, IVASS, has published a notice to the industry, advising that sanctions-related obligations include identifying and reporting funds owned by designated persons.

According to the 26 July notice, translated from Italian, local insurance companies and representatives of foreign firms:

• ‘are required to implement procedures and controls necessary to identify “the funds and economic resources” subject to freezing,’ and constantly monitor updated sanctions lists.
• Are prohibited ‘from carrying out any activity with these subjects on the national territory, except those authorized by the Financial Security Committee pursuant to current legislation.’
• Are required to report the existence of assets and economic resources traceable to designated subjects to Italy’s Financial Intelligence Unit (‘FIU’) via a form on its website.

The EU ordered the freezing of funds owned by Russian oligarchs and others following Moscow’s invasion of Ukraine in February 2022.

https://www.ivass.it/normativa/nazionale/secondaria-ivass/lettere/2024/lm-26-07-2024/Lettera_al_mercato_del_26_07_2024.pdf?language_id=3