By 6 December, the OAM will have to start managing the Register of entities affiliated with payment service providers and electronic money institutions. In fact, on 6 September, with its publication in the Official Gazette, the Decree of the Ministry of the Economy and Finance under which the OAM will have three months to start the Register and the related sections and subsections, subject to prior opinion of the Privacy Guarantor.
Supply and consultation of the register at the OAM
In detail, explains the Body, the ministerial decree that has just entered into force establishes the technical procedures for feeding and consulting the Register, the related public access section for the registration of Contact points in Italy and restricted access section. Payment service providers and electronic money institutions and their respective branches, including those having their registered office and central administration in another Member State, who use for the exercise of their business in Italy, the parties having an agreement or agents, must notify the OAM of their own data collected (company name, registered office, tax code, etc.), and those of the subjects referred to above. For Institutes with registered office and central administration in another Member State, the data may be transmitted via the Central Contact Point.
Communication made every six months and electronically
Communications to be made telematically, using the service that will be present in the dedicated private area of the OAM portal, must be sent every six months, dfrom 1st to 15th January and from 1st to 15th July of each year, highlighting the changes that have occurred with respect to the data communicated in the previous six months. It will be the task of the OAM to verify the completeness and regularity and provide for the annotation in the Register within fifteen days of the communication.
In relation to Payment Service Providers, Electronic Money Issuing Institutions, their branches and Central Contact Points that fail to comply with the prescribed deadlines, the OAM initiates the sanctioning procedure for the application of the sanctions envisaged by the legislation (pecuniary sanction of 4.500 euros, tripled in the event of serious, repeated or systematic or multiple violations, reduced by a third if the communication takes place within thirty days following the expiry of the prescribed terms).
Supply and consultation of the subsection of the register with restricted access
In addition, Payment Service Providers and Electronic Money Institutions, their respective branches or Contact Points shall notify the OAM of the annotation in the restricted access subsection of the Register, the termination of the contractual relationship or of mandate for non-commercial reasons, which occurred after the start of the Registry.
In the restricted access subsection, the OAM will note any measures taken under the anti-money laundering legislation by the competent authorities against affiliated subjects or Agents. The Body will have to guarantee the complete and timely accessibility of the Guardia di Finanza, the Bank of Italy and the Financial Intelligence Unit for Italy, for the exercise of their respective responsibilities in supervisory and prevention matters and combating money laundering and terrorist financing, to the subsection of the Register with restricted access. The OAM will allow the consultation of the data contained in the subsection of the Register with restricted access also to Payment Service Providers and Electronic Money Institutions, branches and Central Contact Points, which will be able to use the data exclusively to safeguard the correctness and the legality of the behavior of market operators.
The Body, with the implementing documents, will determine the amount of the registration fee for the Contact Points and the six-monthly fee required by law to be paid by the subjects required to communicate with the Registry: the sums collected by the OAM – as a contribution, he explains in a note – are intended to fully cover the costs of setting up, developing and managing the Registry.
