According to the EU Delegated Regulation n. 2018/1108, with regards to anti-money laundering regulations, payment service providers and Electronic Money Institutions with registered offices in a member state that operate in another EU country may, under certain conditions, consider themselves established in the other EU country, even without a branch. In such cases, the above mentioned subjects must apply the anti-money laundering regulation of the host state.
The host State may require payment service providers and electronic money institutions to establish a central contact point, who will also be assigned the anti-money laundering tasks, in accordance to EU Delegated Regulation no. 1108 of 2018.
The relevant Italian legislation has implemented the European legislation by:
i) making the Italian legislation applicable to payment service providers and electronic money institutions with registered offices and central administration in another Member State that operate in Italy with one or more contractors and agents;
ii) imposing the obligation on subjects sub i) to establish a central contact point.
Pursuant to Article 43, paragraph 4, of the Legislative Decree n. 231/07, the Bank of Italy has the authority to adopt provisions on the requirements, procedures, control systems and functions of the Central Contact Point, in accordance with the provisions of the EU Delegated Regulation n. 1108/2018.
The Bank of Italy has issued the aforementioned provisions dated 27 March 2019.