The Bank of Italy’s main concern relates to the supplementary cards that were being rolled out without sufficient checks to ensure the lack of use for money laundering operations. Furthermore, the fear that the way in which interest rates are calculated could violate anti-usury laws is another problem to be dealt with.
According to an American Express spokesperson, the necessary measures to adhere more closely to the regulations applicable to payments service providers and financial intermediaries are already in course of implementation.
The suspension of the new cards’ emission is set to take effect from 12 April but will not affect American Express existing cardholders.
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