Banking License in Italy

• Accepting deposits and other repayable funds

• Lending (retail/corporate/mortgage)

• Payment services and card issuing/acquiring (via scheme memberships)

• Foreign exchange and money‑market operations; treasury/ALM; derivatives (per limits)

• Custody/safekeeping and ancillary banking services

• Investment services under MiFID II (with appropriate permissions)

• Issuing e‑money (as a bank) and related services

• EU legal entity with head office and effective management in Italy

• Initial capital ≥ EUR 5,000,000 plus ongoing own‑funds per CRR (Pillar 1/2)

• Sound governance: fit & proper board/management; independent control functions (risk, compliance, internal audit)

• Risk management incl. ICAAP/ILAAP; recovery & resolution planning (BRRD/SRMR where applicable)

• Comprehensive policies: credit, market, liquidity, operational, outsourcing, remuneration, conduct

• AML/CFT framework per EU/Italian law; sanctions screening; transaction monitoring; STRs to UIF

• ICT & operational resilience per DORA; incident reporting; BCP/DR; outsourcing/vendor oversight

• External auditor; prudential/statistical reporting (FINREP/COREP/Bank of Italy)

Core in‑country team (indicative):

• Board with independent member(s)

• CEO; CFO; COO; CRO (Risk)

• Head of Compliance & AML Officer (RAO)

• Head of Internal Audit (independent)

• Treasury/ALM lead; Credit/Risk leads

• IT/CISO; Operations & Payments leads

• Finance/Accounting; Legal/Company Secretary

• Core banking platform; digital onboarding & KYC

• Payments connectivity (SEPA, TARGET, SWIFT); card issuing/acquiring

• Treasury/ALM, liquidity & interest‑rate risk systems

• AML suite (IDV, screening, monitoring, case management)

• Regulatory/financial reporting (FINREP/COREP/XBRL) with audit trails

• Information security (IAM, logging, DR/BCP) and vendor/outsourcing management

• Fraud prevention & transaction monitoring; complaints management

Domestic operations in Italy; EU cross‑border services via branches/FOS under CRD; third‑country expansion subject to host approvals.

• Corporate tax: IRES 24% + IRAP ~3.9% (region‑dependent).

• VAT: most financial services exempt; input VAT often non‑recoverable.

• Payroll and other Italian taxes as applicable.

• Operational and settlement accounts; SEPA/TARGET participation via eligible arrangements.

• SWIFT/BIC and correspondent banking network for FX/nostro accounts.