TITLE: Bank of Italy Imposes Administrative Penalty on Banca Progetto for Anti-Money Laundering Compliance Failures
BODY:
On March 30, 2026, the Bank of Italy imposed an administrative monetary penalty of €30,000 on Banca Progetto Spa in administration (a.s.) for deficiencies in anti-money laundering and counter-terrorism financing (AML/CTF) controls.
Following inspections conducted between October 31, 2024 and April 4, 2025, the Bank of Italy identified significant irregularities across Banca Progetto's organisation, procedures and internal controls. These deficiencies related to customer profiling, customer due diligence and active cooperation processes, contrary to Articles 7, 15, 16, 17, 18, 19, 20, 24, 25 and 36 of Legislative Decree 231/2007 (implementing the 4th Anti-Money Laundering Directive). The Bank of Italy also found that Banca Progetto failed to submit Suspicious Transaction Reports (SOS) as required under Articles 35 and 62 of Legislative Decree 231/2007. These breaches violated the Bank of Italy's December 26, 2019 provisions on organisation, procedures and internal controls for preventing use of intermediaries for money laundering and terrorism financing, and its July 30, 2019 provisions on customer due diligence for combating money laundering and terrorism financing.
The Bank of Italy formally notified Banca Progetto of these irregularities in accordance with Article 145 of the Consolidated Banking Act (TUB). Banca Progetto did not submit any counter-arguments in response. The Bank of Italy's Institutional Relations and Supervision Service, following consultation with the Commission for Examination of Irregularities, recommended the penalty to the Bank of Italy's Directorate, which approved the sanction on March 30, 2026.