Bianco outlines concerns on bank account and salary payment bills
Magda Bianco, Head of the Customer Protection and Financial Education Department at Banca d'Italia, testified before the Senate Committee for Finance and the Treasury on July 21, 2026. She outlined the central bank's views on two legislative proposals concerning access to bank accounts and methods of salary payment.
Balancing access with AML rules
Magda Bianco outlined Banca d'Italia's assessment of legislative proposals concerning access to current accounts.
The first proposal mandates banks to open accounts for all applicants, requiring written reasons for denials related to anti-money laundering (AML) rules, and restricts banks from closing accounts with an active balance.
While supporting financial inclusion, Bianco highlighted significant concerns.
The proposal impacts banks' constitutional right to contractual autonomy and risks incompatibility with AML confidentiality, particularly the prohibition against 'tipping off' clients about suspicious activity.
It also poses risks to sound and prudent management, including operational, reputational, and compliance risks from potentially high-risk clients.
Banca d'Italia data indicates around 280 complaints from non-consumer clients (entrepreneurs, professionals) between 2019 and 2025 regarding account access, suggesting a need for targeted solutions.
The existing 'basic account' for consumers already provides a balanced approach to essential services.
Single-holder accounts and targeted solutions
Banca d'Italia also addressed legislative proposals requiring salary payments to be made into single-holder accounts for workers.
These bills aim to boost women's economic autonomy and counter gender disparity in financial relationships, particularly to prevent economic dependence.
Bianco emphasized that implementing such a measure must not incur additional costs for workers or their families, as this would weaken the objective of strengthening economic autonomy.
For non-consumer access to payment accounts, Banca d'Italia proposed a new right for specific professional or business categories vulnerable to exclusion.
This right would offer limited services, excluding credit, with detailed conditions for opening and operator withdrawal, balancing inclusion with anti-money laundering and sound management.
France and Belgium already implement similar 'right to account' or 'basic business account' provisions for non-consumers, providing established models.
Balancing inclusion with stability
While the legislative proposals address vital needs for financial inclusion and economic autonomy, their current formulation presents significant practical and legal challenges.
A broad obligation to contract and rigid restrictions on account withdrawal could inadvertently weaken anti-money laundering frameworks and strain banks' sound management.
Implementing targeted solutions, perhaps by extending basic account provisions to non-consumers, would achieve these social goals more effectively while preserving financial stability.