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2026-08-06 08:20:13 · csoo@vixio.com
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3388485
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TITLE: Italy's Bank of Italy Issues Supervisory Guidance on Basic Payment Account Access BODY: On [date of publication], the Bank of Italy (Banca d'Italia) issued supervisory guidance addressing barriers to access for basic payment accounts (conti di pagamento con caratteristiche di base), a financial inclusion product introduced through implementation of the Payment Accounts Directive (2014/92). The basic payment account is a standardized payment account enabling consumers to execute a defined number of operations without transaction fees in exchange for a comprehensive annual fee. The account must be free for vulnerable customers with income-to-needs ratios (ISEE) or pension income below ministerial thresholds. EU residents legally residing in any member state hold an individual right to open a basic payment account, with corresponding obligations on banks, Poste Italiane, and authorized payment service providers to offer the product. The Bank of Italy identified significant obstacles limiting basic account uptake in Italy compared to other EU jurisdictions. Supervisory findings revealed unjustified barriers including: failure to list the account in product catalogs; incomplete essential services; inadequate internal policies and consumer documentation; insufficient staff knowledge; unjustified refusals to non-resident EU citizens and individuals from perceived high-risk categories; and information technology system limitations preventing account opening for holders of legitimate alternative documents such as provisional tax identification numbers or residence permit applications. The Bank of Italy expects payment service providers to eliminate these obstacles by adapting internal policies, procedures, and systems. Key expectations include: clarifying that obligations extend to all EU residents including homeless persons, refugees, and asylum seekers; ensuring case-by-case anti-money laundering assessments proportionate to individual circumstances rather than categorical risk assumptions; implementing IT systems accepting non-standard documentation; providing timely refusal notifications with stated reasons; establishing structured complaint management processes; offering periodic reporting to governance bodies; ensuring adequate staff training and marketing; and conducting regular control function audits. Payment service providers must complete compliance assessments by November 30, 2026, with internal reports approved by boards of directors and submitted to the Bank of Italy detailing any identified deficiencies and remedial action plans.
  • Scraped:2026-08-06 08:20:13
  • Created:2026-08-06 08:20:12
  • By:csoo@vixio.com (59)