Qonto received an order from Banca d’Italia to improve its anti-money laundering measures in its Italian branch. This order includes a temporary onboarding ban for new customers in Italy starting on July 25, 2024.
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What does it mean for you?
Existing Customers: Existing customers in Italy are not concerned and can use all Qonto business banking and business finance services as usual. However, the opening of additional sub-accounts and the subscription to new debit cards is restricted. They can renew expiring or lost cards only. These are part of our efforts to strengthen our systems and ensure compliance with enhanced regulatory requirements.
New Customers: From July 25, 2024, there is a temporary suspension on onboarding new clients in the Italian market. This is to allow us to focus on enhancing our AML framework and address the issues identified. -
What happened? Why is Qonto restricted to onboard new customers in Italy?
On July 25, 2024, Banca d’Italia ordered Qonto’s Italian branch to suspend the onboarding of new customers and identified areas for improvement in our anti-money laundering measures. This temporarily prevents us from offering new products and services to existing customers of our Italian branch until the shortcomings identified have been rectified.
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Is my money still safe with Qonto?
Our customers money is and will be safe with Qonto at all times. The special order issued by Banca d’Italia concerns anti-money laundering measures that do not concern funds of existing customers. It only requires us to improve the measures we put in place to fight financial crime in Italy. -
What is Qonto doing to address this matter? Over the past months, Qonto has already started addressing eventual points noted by Banca d’Italia and has invested even more in AML measures in Italy. Today, we are more than ever committed, and local and global teams are already working closely with the Italian authority to implement the required improvements.
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Until when will the onboarding ban last? The onboarding ban is temporary and will be lifted as soon as all insufficiencies identified by Banca d’Italia with regard to our anti-money laundering are improved. If you are interested in opening an account with Qonto in Italy, you can join the waiting list.
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How does the waiting list work? You can register to the waiting list and our team will get in touch as soon as we are able to offer new accounts again.
For any concerns or further information, please do not hesitate to contact our Customer Support, available 24/7 to assist you.