Bank of Italy sets basic account access expectations and November 30 review deadline

The Bank of Italy has instructed banks, Poste Italiane and other payment service providers to remove unjustified barriers to basic accounts and improve their availability, particularly for vulnerable consumers. Supervisory analysis found that access is sometimes discouraged or obstructed through product omissions, inadequate customer support, unjustified refusals, poor transparency and systems that cannot process valid but nonstandard documentation. Providers should ensure that legally resident European Union consumers, including homeless people, refugees and asylum seekers, can access basic accounts. Personal or financial circumstances and broad risk categories must not automatically justify refusal, while anti-money laundering and counterterrorist financing assessments must be proportionate and conducted case by case. Firms are also expected to improve staff training, product disclosure, refusal notifications, complaint monitoring, management reporting, information technology systems and periodic controls, and to explain the basic account even when offering alternative products. Compliance and Internal Audit functions must assess the alignment of firms’ arrangements, procedures and practices with the rules and supervisory expectations by November 30, 2026. The board must approve an internal report identifying deficiencies and remedial measures, and firms must notify the Bank of Italy of any shortcomings remaining at that date and provide an approved remediation plan.