In a hearing before the Italian Senate Finance and Treasury Committee, the Bank of Italy assessed draft laws on current accounts and wage payments and argued that financial inclusion should be pursued with more targeted tools than a general obligation for banks to open current accounts for anyone who applies. It said the proposed mandatory-contract rule and the ban on terminating an account with a positive balance raise concerns around banks’ freedom to contract, the sound and prudent management of intermediaries, and possible clashes with anti-money laundering and counterterrorist financing rules if banks must give written reasons for refusals or closures linked to suspicious activity concerns. The Bank pointed to the existing basic account regime for consumers as a more balanced model and said the main remaining inclusion gap concerns non-consumer clients such as businesses, professionals and associations. It suggested considering a more limited right for selected non-consumer categories at risk of exclusion to obtain a payment account with essential services only, while preserving refusal and withdrawal grounds tied to anti-money laundering, public order and prudential considerations. On separate bills requiring wages paid by bank transfer to go to an account held solely in the worker’s name, the Bank said the measure could support economic autonomy and help prevent economic dependence, particularly for women, but warned it should not impose extra costs or operational burdens on workers and families. It also said the measure alone is unlikely to close wider gender gaps, noting that account ownership and use of payment tools are already broadly similar for employed women and men, while larger gaps persist among women outside the labor market.
Bank of Italy2026-07-21
Bank of Italy flags anti-money laundering and prudential concerns in current account bill, backs more targeted access measures
In a Senate hearing, the Bank of Italy said draft rules forcing banks to open and maintain current accounts for all applicants are too broad and could conflict with anti-money laundering, confidentiality and prudential requirements. It favored a narrower access right focused on non-consumer clients that lack existing protections. On proposals to require wages to be paid into an account held only in the worker’s name, it said the idea may support economic autonomy but should not create extra costs and would be more effective alongside broader labor market and financial inclusion measures.