Consultation Paper No. 4/2023

The IVASS consultation no. 4/2023 proposes modifications and additions to Regulation IVASS No. 44/2019, which aims to prevent the use of insurance companies and intermediaries for money laundering and terrorist financing, particularly regarding internal organisation, procedures, internal controls, and customer due diligence.
The document presents the proposed changes by the IVASS to align the regulation with the EBA guidelines on compliance management policies and procedures.
The key modifications include the introduction of a position of **anti-money laundering officer within the management board, the clarification of outsourcing limitations, and the expansion of requirements for group-level anti-money laundering measures.
Stakeholders are invited to provide feedback by 14 July 2023. The IVASS will consider relevant comments and publish the received observations and resolutions on its website.
The modified provisions will come into effect three months after publication in the Italian Official Gazette.