29 September 2016
Find out more

After six weeks, credit card payments return to the Vatican

13 February 2013  |  7168 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)

Finextra news in your inbox

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

Related stories

Vatican card payments suspended over AML concerns - reports

Vatican card payments suspended over AML concerns - reports

03 January 2013  |  9725 views  |  4 comments | 19 tweets | 9 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comFind out moreVisit www.smartstream-stp.com

Top topics

Most viewed Most shared
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
14416 views comments | 55 tweets | 48 linkedin
Ripple rudely gatecrashes Sibos partyRipple rudely gatecrashes Sibos party
9208 views comments | 29 tweets | 26 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
9105 views comments | 33 tweets | 18 linkedin
BNP Paribas is working with clients on blockchain deploymentBNP Paribas is working with clients on blo...
7411 views comments | 14 tweets | 30 linkedin
US gets same day ACHUS gets same day ACH
6989 views comments | 23 tweets | 19 linkedin