ING Italy resumes onboarding of new customers

09 September 2020 ... min read Listen

The Banca d’Italia announced today that the ban on onboarding new customers at ING Italy, imposed in March 2019 has been removed. The decision follows the comprehensive steps undertaken by ING Italy to strengthen its processes and management of KYC compliance risks.

Following an inspection by the Banca d’Italia, which had identified shortcomings in AML processes, in March 2019 ING Italy was banned from taking on new customers. Existing customers in Italy have continued to be fully served throughout the period.

ING continues to take steps to enhance management of compliance risks and embed stronger awareness across the whole organization. These steps are part of the global KYC programme and set of initiatives, which include enhancing KYC files and working on various structural improvements in compliance policies, tooling, monitoring, governance, and knowledge and behaviour.

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