13 February 2016

After six weeks, credit card payments return to the Vatican

13 February 2013  |  6867 views  |  3 credit card chip

Visitors to the Vatican City can once more use their credit cards for purchases and ATM withdrawals, following the end of a six week ban over money laundering concerns.

On the 1 January the Bank of Italy suspended all card payments in the Vatican until further notice over a failure to implement anti-money laundering law.

Deutsche Bank Italia, which handled bank card payments in the city-state was ordered to deactivate terminals, forcing tourists and pilgrims to use cash.

According to Reuters, spokesman Father Federico Lombardi has confirmed that Swiss card payment specialist Aduno has now taken over processing. The Bank of Italy does not need to approve the arrangement because Aduno is based outside of the EU.

Cards are now being accepted again, enabling pilgrims flocking to the state in the wake of Pope Benedict XVI's resignation to pay for their souvenirs with plastic.

Comments: (3)

A Finextra member
A Finextra member | 14 February, 2013, 08:57

Do the AML concerns go away because a non EU acquirer has been appointed? I guess that the Vatican still is using Euro as the currency and are the Swiss regulators in acceptance that their payment institutions service entities for whom AML issues are raised. And furthermore, is it OK for the card schemes that the AML rules are circumvented?

 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Keith Appleyard
Keith Appleyard - available for hire - Bromley | 14 February, 2013, 11:21

Strange because the EU reported back in June 2012 which non-EU Countries are considered as having equivalent AML systems to the EU - and Switzerland is amongst them. So is it that Italy has a 'stronger' flavour? 

http://ec.europa.eu/internal_market/company/docs/financial-crime/3rd-country-equivalence-list_en.pdf

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 15 February, 2013, 17:56

Guards from Switzerland. Now, a cards processor from Switzerland. Maybe it's time the EU accepted that 'what happens in Vatican stays in Vatican'! 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

03 January, 2013

Related company news

 

Top topics

Most viewed Most shared
UK sets out open banking API frameworkUK sets out open banking API framework
15358 views comments | 100 tweets | 89 linkedin
Deutsche Bank calls for co-operation with fintech firms on B2B servicesDeutsche Bank calls for co-operation with...
8385 views comments | 28 tweets | 30 linkedin
How to accelerate your fintech startupHow to accelerate your fintech startup
7988 views comments | 34 tweets | 9 linkedin
Is Paym a failure?Is Paym a failure?
6768 views 16 comments | 23 tweets | 16 linkedin
Visa issues API to offer consumer control over card transactionsVisa issues API to offer consumer control...
6249 views comments | 17 tweets | 28 linkedin

Featured job

£100,000 basic, £180,000 OTE + Benefits
London

Find your next job