Regulatory Alerts2019-07-24
Added · Updated
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.
More like this from BOI
We email you every new BOI publication the day it's published.
Topics
Share