Bank of Italy started proceedings to close the branch of AS “PrivatBank”

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Bank of Italy started proceedings to close the branch of AS “PrivatBank”

On 9 August 2016 the Bank of Italy published an announcement regarding their decision to start proceedings to close AS “PrivatBank” branch in Italy.

Notice states that the Bank of Italy made this decision after discovering violations of money laundering regulations during the inspection of AS “PrivatBank” branch in Italy. According to the decision AS “PrivatBank” branch is not allowed to perform any operations, however customers are able to access their deposits – they may either withdraw their money or transfer it to their account in another bank.

Bank of Italy press release in Italian: https://www.bancaditalia.it/media/comunicati/documenti/2016-02/cs_Privatbank_09082016.pdf

 

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