Bank of Italy prohibits Mooney from issuing new payment cards and opening new electronic money accounts. The authority’s provision was communicated by the same fintech controlled by Enel and Intesa Sanpaolo.
The impact of the measures
The measure will not have an impact on Mooney cards already in circulation and on the other services offered by the platform which will also be able to continue to open payment accounts for the distribution network, functional to the provision of payment services. The Bank of Italy’s ban will be valid “until the completion of the process, already started, of overcoming the shortcomings found in terms of Anti Money Laundering (AML)”, i.e. anti-money laundering.
The sanctioning procedure
In the note, Mooney underlines that he has already adopted “a solid and detailed plan to strengthen anti-money laundering processes, following the important managerial change process launched in the second half of 2023” which brought Stefania Gentile to the helm of the group. Plan which the Bank of Italy also “acknowledged”. Nonetheless, the Authority has notified the start of sanctioning proceedings against Mooney who “will protect its position within the terms and in the manner established by the applicable legislation”.
