Regulatory Alerts2024-07-26
Instructions of Banca d'Italia, COVIP, IVASS and MEF for the Exercise of Enhanced Controls on the Operations of Authorized Intermediaries to Counter the Financing of Companies Producing Anti-Personnel Mines, Ammunition and Cluster Munitions
Banca d'Italia, COVIP, IVASS, and the MEF issued joint instructions to enforce enhanced controls on authorized financial intermediaries to prevent the financing of companies involved in the production or sale of anti-personnel mines and cluster munitions. The regulations mandate that intermediaries implement risk-based procedural safeguards, including mandatory screening against publicly available lists of prohibited entities and enhanced due diligence for high-risk clients. Supervisory bodies are empowered to conduct inspections and enforce sanctions, while intermediaries must report violations and ensure compliance within six months of the instructions' entry into force.
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