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NEWS: Italian regulatory authority mandates lender to cease transferring customers to digital-only bank 

Premium November 30, 2023

ITALY: The country's AML chief Enzo Serata said financial holdings worth around €330M , linked to 80 individuals, had been frozen as part of the sanctions regime. Before the war began in February 2022, Italy's beaches and ports were a popular playground for wealthy Russians who bought properties in prime locations such as Lake Como (pictured), Sardinia, Tuscany and the Ligurian coast.

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NEWS: Calls for UK’s Serious Fraud Office to prioritize foreign bribery amid falling cases

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INSIGHT: One of the world’s biggest insurance firms has fallen foul of U.S. sanctions – here are the key lessons

IN PHOTOS: Leaders in Finance AML-NL Event 2024

By Alisha Houlihan for AMLi

Italy’s largest lender, Intesa Sanpaolo, has been instructed by the country’s competition watchdog to cease the migration of customers to its new online service, Isybank.  

This directive comes in response to over 5,000 complaints received this month from account holders who were transferred without their explicit consent, according to The Financial Times.

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NEWS: Calls for UK’s Serious Fraud Office to prioritize foreign bribery amid falling cases

 Premium

INSIGHT: One of the world’s biggest insurance firms has fallen foul of U.S. sanctions – here are the key lessons

IN PHOTOS: Leaders in Finance AML-NL Event 2024

Regulatory Watch News

  • Pharmaceutical Company QOL Medical and CEO Agree to Pay $47M for Allegedly Paying Kickbacks to Induce Claims for QOL’s Drug Sucraid

    US Department of Justice

    Pharmaceutical company QOL Medical LLC (QOL) and its co-owner and CEO, Frederick E. Cooper, have agreed to pay $47 million to resolve allegations that they caused the submission of false claims to federal health care programs, in violation of the False Claims Act and similar state statutes, by offering kickbacks in the form of free Carbon-13 breath testing services to induce claims for QOL’s drug Sucraid.

  • Financial sanctions update: Russia

    OFSI

    On 15 November 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act. The following entries have been amended under the Russia financial sanctions regime and are still subject to an asset freeze and trust services sanctions:

    • Anatoly Ilyich Bibilov (Group ID: 16658)
    • Juhang Aviation Technology (Shenzhen) Co., Limited (Group ID: 16456)
    Bringing the entries in line with the UK Sanctions List, the following entries have been corrected under the Russia financial sanctions regime and remain subject to an asset freeze and trust services sanctions:
    • • Konstantin Yurievich Mirzayants (Group ID: 16659) • Virmavia Ou (Group ID: 16635)
    The following entry has been removed under the Russia financial sanctions regime and is no longer subject to an asset freeze or trust services sanctions:
    • Didier Casimiro (Group ID: 15493)
    OFSI’s consolidated list of asset freeze targets has been updated to reflect these changes.

  • Police tip leads to seizure of illegal cigarettes

    Fiscal Information and Investigation Service - FIOD

    On November 14, Customs, following information from the police, launched an investigation at a garage in Nieuwegein. In a warehouse used by the garage, two vans were found containing illegal cigarettes. Both vans were seized and taken away.

    The cars contained almost 900,000 cigarettes, which were seized and will be destroyed. The garage owner has been arrested and can also expect a Customs assessment of approximately 350,000 euros in unpaid excise duty. The investigation is being continued by Customs and the FIOD and is led by the Functional Parket.

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