Cornèr Banca SA’s Post

The #BankofItaly launched today a public #consultation on secondary measures implementing Directive (EU) 2021/2167 (#SMD), as it will be transposed into Italian law by the legislative decree approved on July 22nd by the Italian Government (still to be published in the Italian Official Gazette). The consultation launched by the Bank of Italy includes: new Bank of Italy provisions governing the newly supervised “#credit #servicers” amendment proposals to the Bank of Italy banking and financial #transparency rules; amendment proposals to the Bank of Italy rules on #ADR in the banking and financial sector; amendment proposals to the Bank of Italy rules on ownership structure of credit institutions and other intermediaries; amendment proposals to the Bank of Italy rules on the Central Credit Register (Centrale dei Rischi) The consultation is addressed to: (i) players intending to file an authorization request as credit servicers; (ii) #financial intermediaries pursuant to art. 106 of the Consolidated Banking Act intending to provide credit servicing services in #EU member States other than Italy; (iii) credit institutions and parent companies of Italian banking groups; (iv) industry associations; (v) any other interested person. The consultation will be open for 60 days from today (date of publication). The Bank of Italy also published instructions for entities intending to file an #authorization request as credit servicers pursuant to the new national legal framework implementing SMD. In particular, in order to ensure an orderly transition to the new regime, the Bank of Italy is available for informal talks with interested players in order to provide the latter with clarifications and preliminary comments on the information and documents to be included in the authorization dossier. In any case, the Bank of Italy clarified that the formal authorization procedures will start only after the completion of the national legal framework.   The Bank of Italy consultation and instructions are available at the following address (Italian only): Banca d'Italia - Disposizioni della Banca d'Italia per il recepimento della Direttiva UE 2021/2167 sugli acquirenti e sui gestori di crediti deteriorati (bancaditalia.it) Antonio Rossi Luciano Vitali Denise Salvatori

❗ News on Directive (EU) 2021/2167 (#SMD) transposal into Italian law The #BankofItaly launched today a public 60-day #consultation on secondary measures implementing #SMD, as it will be transposed into Italian law by the legislative decree approved on July 22nd by the Italian Government (still to be published in the Italian Official Gazette). The consultation launched by the Bank of Italy includes: ▶ new Bank of Italy provisions governing the newly supervised “#credit #servicers”; ▶ amendment proposals to the Bank of Italy banking and financial #transparency rules; ▶ amendment proposals to the Bank of Italy rules on #ADR in the banking and financial sector; ▶ amendment proposals to the Bank of Italy rules on ownership structure of credit institutions and other intermediaries; ▶ amendment proposals to the Bank of Italy rules on the Central Credit Register (Centrale dei Rischi). The consultation is addressed, among others, to market players intending to file an authorization request as credit servicers, #financial intermediaries pursuant to art. 106 of the #Consolidated #Banking #Act intending to carry out credit servicing activities in #EU member States other than Italy, credit institutions and parent companies of Italian #banking groups and industry associations. ❗The Bank of Italy also published instructions for entities intending to file an #authorization request as credit servicers pursuant to the new Italian legal framework implementing SMD. More specifically, in order to ensure an orderly transition to the new regime, the Bank of Italy will be available for informal talks with interested market players in order to provide them with clarifications and preliminary comments on information/documents to be included in the authorization dossier. A specific format for discussion has been published.   The Bank of Italy consultation and instructions are available at the following address (Italian only): https://lnkd.in/dzJeGhR2

Posting a recent "clear and on the point" interview of the ISP CEO Carlo Messina that talks about the difficult task to find/ realise a "friendly Transaction" of Merge/ Acquisitiont with a Target Bank being a Banking Group of 60+ bio. € Market Cap. size. Clearly the Consolidation deal is risking to be an "hostyle" one both in a 'Domestic' or in an 'X-Border scenario' and then becoming fairly difficult to realize the Trx. Consolidation deal.

Switzerland

Private credit is on the rise in Italy, according to Partner Vanni Mario Zanchi.   Driven by instability in bank loans, this asset class is becoming increasingly attractive to investors. Read more below to learn about the ideal conditions fuelling this growth in MondoInvestor.

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Grupo Financiero Banorte, one of Mexico's largest financial companies, recently launched bineo, a digital bank which will offer savings accounts and personal loans with the aim of adding 2.8 million new clients in the next five years. Banco Banorte (GFNORTEO.MX), which is owned by the company, already has 12 million clients, making it the second largest in the country when measured by credit portfolio. "There's a segment of our clients that today demands a 100% digital service," the group's president, Carlos Hank González, said in an interview with Reuters. Hank said Banco Banorte would continue to operate through its network of branches and its own mobile application, adding that bineo would not take clients away from the established bank. Source: https://lnkd.in/erM8TUYB #fintech #banks #banking #digitalbanking #bankingservices #bankingtech #openbanking #financialtechnology #financialservices

✈ Money Laundering Agencies #Shadowbanks run by Chinese and Italian groups have been found to charge 5-15% commissions for small-scale #transactions by minor and medium-scale #taxevaders, leading to 2 billion euros in #frauds in the Marche region over two years. These "service agencies," emerging behind modest corporate entities lacking significant resources, specialize in #undergroundbanking, a concealed financial system managed by complex #criminalorganizations. They provide sophisticated #illegalfinancialschemes at moderate costs, once the domain of economically stronger entities that could afford professional services. According to Il Sole 24 Ore, ongoing judicial proceedings reveal a consistent operational pattern among these organizations, extending from Italy to Eastern Europe and China. Targeting transactions from 15-20 thousand euros, these agencies offer enticing packages to create #blackfunds, reduce taxable income, and launder #criminalproceeds, charging a commission between 5 to 15% of the capital. #Investigations in Lombardy, Emilia-Romagna, and Marche have exposed these operations, offering various packages to bypass regulations for unscrupulous small business owners. Milan, under Chinese leadership, sees the highest number of paper transactions, involving fake invoices and #dirtymoney affecting VAT numbers throughout Italy. Chinese operators in Milan specialize in running paper mills, companies that issue fake invoices to generate #blackfunds and #laundermoney from #illegalactivities, exploiting the regulatory gaps in Bulgaria and Hungary, where the #dirtymoney is funneled towards China. Written by ivan cimmarusti https://lnkd.in/dqeH9PXx #aml #antimoneylaundering #moneylaundering #financialcrime

New BIS Banking Package, a stricter or more fit and proper framework? Dive with us into these new rules and priorities that impact the financial sector and regulated fintechs. Be Reg, be Sharp, be RegSharp !

Thank you Gruppo IMC We appreciate you citing our #insights on the Fintech Market. Read here https://lnkd.in/dDrg2U-N Dive into detailed #marketinsights by #cmi #industryexperts Get the #Fintech Market Report Here @ https://lnkd.in/dgVfp6V6 #Fintechmarket #CMI #custommarketinsights #fintechrevolution #fintechindustry #fintechfuture #fintechtrends #fintechnews #fintechleaders #fintechinnovation #fintechinsights