Regulatory Alerts2019-07-24
Provisions on the Opening and Maintenance of Payment Accounts at Banks for Payment Institutions
The Bank of Italy issued provisions implementing Article 114-octiesdecies of the Consolidated Banking Act to ensure payment institutions can access payment accounts from banks in a non-discriminatory manner. Banks are prohibited from applying generalized exclusions based solely on an applicant's status as a payment institution and must evaluate each case individually based on public order, security, or anti-money laundering grounds. If a bank refuses or revokes an account, it must immediately notify the Bank of Italy within five working days, providing detailed motivations and information regarding the decision.
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