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.
OPENING AND MAINTENANCE OF PAYMENT ACCOUNTS AT BANKS FOR THE BENEFIT OF PAYMENT INSTITUTIONS. IMPLEMENTATION DECREE OF ARTICLE 114-OCTIESDECIES OF LEGISLATIVE DECREE NO. 385 OF 1 SEPTEMBER 1993.
The Consolidated Banking Act, implementing Directive 2015/2366/EU (hereinafter "PSD2"), provides that "banks ensure that payment institutions are granted the opening and maintenance of payment accounts that allow them to provide payment services in an easy, efficient, and non-discriminatory manner" (Article 114-octiesdecies).
The same provision stipulates that "banks may refuse or revoke the opening of payment accounts in case of conflict with objectives of public order or public security [...] or whenever other justified grounds exist based on provisions regarding the prevention of money laundering and terrorist financing"; furthermore, "banks shall immediately notify the Bank of Italy of the refusal to open a payment account or its revocation. The notification must contain all necessary and adequate motivations regarding the closure or revocation of the payment account."
Given that, pursuant to the aforementioned provision of the Consolidated Banking Act, the Bank of Italy must identify the methods of notification through its own decree, and in order to facilitate the correct application of the relevant provisions, the following indications are provided.
The internal procedures of banks offering payment accounts define the criteria for the opening and maintenance of these accounts for the benefit of payment institutions and provide that the assessment is always carried out based on an analysis conducted on a case-by-case basis, taking into account the full range of available information.
Exclusions of a generalized nature based on the applicant's belonging to the "category" of payment institutions are not compliant with the regulatory framework.
Any decision, adequately motivated, not to open or to revoke the opening of a payment account is taken based on elements referring to the specific case, from which emerges a conflict with objectives of public order or public security or whenever other justified grounds exist based on provisions regarding the prevention of money laundering and terrorist financing.
Immediately, and in any case no later than 5 working days from the adoption of the decision, banks notify the Bank of Italy - Institutional Supervision Relations Service (certified email address riv@pec.bancaditalia.it) of the refusal to open a payment account or its revocation, transmitting all information necessary to retrace the decision-making process and the underlying motivations for the non-opening or revocation of the payment account.
The Bank of Italy reserves the right, where appropriate, to request further data and information regarding the communicated decision, also in order to evaluate, if necessary, the adoption of any interventions.
The Governor signature 1