Regulatory Alerts2019-01-24
Communication of 24 January 2019 - New Reporting of Agents Distributing Payment Services
The Bank of Italy issued instructions on 24 January 2019 mandating Italian payment and electronic money institutions to report agents distributing payment services via the new GIAVA-Agenti online procedure. This system replaces previous email notifications with effect from 11 February 2019, requiring institutions to select only agents registered with the OAM and submit specific data fields through the INFOSTAT platform. The regulation defines reporting timelines, including a 15-day limit for terminating mandates, and outlines the Bank's authority to refuse or cancel agent registrations based on compliance with anti-money laundering and organizational adequacy standards.
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