Italy
Answer ... The money laundering and financial crimes regime is set out in Italian Insurance Supervisory Authority Regulation 44/2019.
Pursuant to this regulation, insurance companies must take into account the nature and complexity of the money laundering risk in order to define an appropriate corporate governance system. Corporate governance system controls should also address this risk.
Insurance companies must promote a culture of internal control over money laundering risk.
The management and control bodies and the senior executives, in accordance with their own powers and responsibilities, must establish corporate policies and implement the necessary measures to manage the risk of money laundering. They must establish controls to ensure compliance with anti-money laundering regulations and the adequate monitoring of this risk.
In particular, the management body must:
- define and annually review the strategic guidelines on the management of the risk of money laundering;
- in line with these strategic guidelines, approve a company policy indicating the relevant choices regarding organisation, procedures, internal controls and data storage appropriate to the company’s actual exposure to the risk of money laundering; and
- ensure that tasks and responsibilities relating to the risk of money laundering are allocated in a clear and appropriate manner.
The control body supervises compliance with the relevant regulations and verifies the adequacy of the management and control system to address the risk of money laundering.