Qonto receives order from Banca d’Italia to improve AML measures in its Italian subsidiary

Qonto Ordered to Improve AML Measures by Banca d’Italia

Key Points:

1. Order from Banca d’Italia:
   • French business banking fintech Qonto has been ordered by Italy’s central bank to enhance its anti-money laundering (AML) measures in its Italian subsidiary.
2. Temporary Onboarding Ban:
   • As part of the order, Qonto is temporarily banned from onboarding new customers in Italy starting 25 July 2024.
   • The ban also prevents offering new products and services to existing clients until deficiencies are rectified.
3. Impact on Existing Customers:
   • Existing customers in Italy are not affected and can continue to use Qonto’s banking services as usual.
   • The company reassures customers that their funds are safe and unaffected by the AML issues.
4. Response and Resolution:
   • Qonto has already started addressing the issues highlighted by Banca d’Italia and is working to improve its AML measures.
   • The onboarding ban is expected to be lifted once the identified shortcomings are resolved.
5. Company Background:
   • Founded in 2016, Qonto serves over 500,000 European enterprises, offering services like invoice and expense management, bookkeeping, and business accounts.