Tuesday, October 15, 2024
19.3 C
New York

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.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...
Exit mobile version