The Bank of Italy, Banca d’italia, has sanctioned the Italian branch of Attijariwafa bank Europe for some breaches of the rules on transparency, says a note published by the agency Agenzianova. The note states, however, that these sanctions “do not affect existing relationships with current customers” of AWB Bank.
Banca d’italia asserts that an investigation was carried out over the period from 20 April to 19 June on these breaches, “pursuant to Articles 79 and 128-ter of the Banking Regulation Act”. Thus, the sanctions imposed on the bank include “the prohibition to market new products and/or services compared to those already offered, the prohibition to distribute payment products/services of the parent company and country banks third parties belonging to the group and the obligation to return to the rightholders the amounts unduly invoiced”.
Banca d’italia expects AWB Italy to rapidly adopt a corrective action plan aimed at eliminating all irregularities quickly and fully.