Qonto Ordered to Improve AML Measures by Banca d’Italia
Key Points:
- 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.
- 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.
- 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.
- 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.
- Company Background:
- Founded in 2016, Qonto serves over 500,000 European enterprises, offering services like invoice and expense management, bookkeeping, and business accounts.