17 August 2017
Find out more

Vatican card payments suspended over AML concerns - reports

03 January 2013  |  9993 views  |  4 STOP

The Bank of Italy has suspended all card payments in the Vatican until further notice over a failure to implement anti-money laundering law, according to local press reports.

Italy's central bank ordered Deutsche Bank Italia, which handles bank card payments in the city state, to deactivate terminals on January 1, says AFP.

The move affects anyone attempting to pay by card at the Vatican museum, which was visited by around five million tourists, paying a total of more than EUR90 million, last year.

Visitors to the Vatican museum, as well as the pharmacy, post office and a handful of shops, are being asked to pay in cash.

Italian central bank sources told La Repubblica that the Vatican does not respect international AML rules and an Italian-registered Deutsche Bank Italia can therefore not operate on its territory.

A Vatican spokesman told Corriere della Sera that the state is working to find a non-Italian bank to work with and the suspension should be "short lived".

Comments: (4)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 08 January, 2013, 08:43

Why Deutsche Bank? Why not the Vatican Bank?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 08 January, 2013, 14:47

Dear Matt - not many of the visitors to the Vatican museum have Paypal. Dear Ketharaman - Vatican Bank does not have capacity to acquire...  Furthermore it will be interesting to see if card schemes will accept a non-EU bank to service Vatican Museum since the problem is the lack of AML legislation in the city state. If yes, then it could be understood as a x- regional acquiring service in order to circumvent European AML legislation that is more or less the same as the USA one!

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Matt White
Matt White - Finextra - Toronto | 08 January, 2013, 15:15

@ Anon

You may be right about Paypal but I'm pretty sure most Vatican visitors are fans of all things Papal.

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

HSBC compliance head quits at US hearing

HSBC compliance head quits at US hearing

18 July 2012  |  6430 views  |  0 comments
Bank of Italy orders American Express to halt card issuance

Bank of Italy orders American Express to halt card issuance

09 April 2010  |  10823 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.niceactimize.comvisit www.dorsum.eu

Who is commenting?

Top topics

Most viewed Most shared
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9982 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9965 views comments | 8 tweets | 15 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8303 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7752 views 0 | 1 tweets | 9 linkedin
PayPal buys Swift Financial to boost working capital bizPayPal buys Swift Financial to boost worki...
7695 views comments | 13 tweets | 7 linkedin