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

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.

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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