Banca Etica to close Autistici/Inventati accounts due to U.S. sanctions

Banca Etica has announced it will likely close the accounts of the Italian collective Autistici/Inventati following the group's inclusion on the United States' OFAC sanctions list. While the bank noted the accounts have always been in good standing, it faces the risk of secondary sanctions from the U.S. If the bank maintains the relationship, it could face the suspension of essential services, such as credit/debit cards and non-euro payments, for its 130,000 customers.

Banca Etica has condemned the use of anti-terrorism lists for political purposes and is calling on Italian and European institutions to provide operational guidance to protect banks from such unilateral decisions. The bank has sought solutions through the Italian Banking Association (ABI), the Ministry of Economy and Finance, and the European Federation of Ethical Banks (Febea), but has yet to receive a response. The bank intends to intensify its mobilization by creating a network with other banks and human rights NGOs to combat the de facto extraterritoriality of U.S. sanctions.