The Bank of Italy has launched an order for Qonto to improve the AML measures in its local branch, with a temporary ban on onboarding new customers. Following this announcement, Qonto has received an order from the Bank of Italy to improve its anti-money laundering measures in its Italian branch, with a temporary ban on onboarding new customers in the country being included effectively on the 25th of July 2024.

More information on the announcement According to the official press release, this procedure will not affect already existing customers in the region of Italy, and they will all be able to use the company’s corporate and financial banking solutions as usual. However, the opening of additional sub-accounts and the overall process of signing up for new debit cards will be limited, as clients will have the possibility to only renew cards that are expiring or lost. These measures represent a part of Qonto’s efforts to strengthen its systems, while also ensuring compliance with strengthened regulatory requirements as well.

For new potential customers, from the 25th of July 2024, there will be a temporary suspension of the onboarding process in the Italian market, with the aim for it to be lifted as soon as the deficiencies identified are remedied. This measure is taken in order to allow the company to improve its anti-money laundering (AML) framework, as well as address the issues that have been identified. In addition, this process will also temporarily prevent the company from offering new products and services to clients in order to keep them secured and protected.

The order issued by the Bank of Italy concerns AML measures that do not affect already existing customer funds. In recent months, Qonto started to address any points highlighted by the Bank of Italy and has also invested more in anti-money laundering capabilities. Local and global teams are already working closely with the Italian authority in order to implement the required improvements as fast as possible, while also keeping the experience of customers in mind.

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