EMI licence in Italy — the Banca d’Italia file (IMEL)
Banca d’Italia’s EMI authorisation runs through the Istituto di Moneta Elettronica (IMEL) regime. The legal framework sits in Decreto Legislativo 11/2010 transposing EMD2 into Italian law, supplemented by Banca d’Italia’s Disposizioni di vigilanza. Italian language, substantive presence and the meticulous review style of the central bank define the experience. This piece walks through the dossier expectations, where most first-pass drafts get held up, and how the regime sits alongside UIF and CONSOB.
1. Who grants and who supervises
Banca d’Italia is the competent authority for IMELs. It assesses the application, decides on grant, and remains the prudential supervisor afterwards. AML supervision sits with Banca d’Italia (on the framework) and UIF (on intelligence). Where the IMEL offers investment services or distributes investment products, CONSOB is involved alongside.
2. Legal basis
- Directive 2009/110/EC (EMD2) — the EU framework
- Decreto Legislativo n. 11 del 27 gennaio 2010 — the Italian transposition
- Testo Unico Bancario (TUB) — Articles 114-bis and following
- Banca d’Italia Provvedimento on the authorisation and supervision of IMEL — operational rules
- EBA Guidelines on authorisation under EMD2 — directly applicable
3. Who can apply
- An Italian-incorporated S.p.A. (or società per azioni equivalent) with substance in Italy
- Initial capital of at least €350,000, fully paid up, in own funds at grant
- Demonstrably fit-and-proper directors (esponenti aziendali) and senior management — the requisiti di onorabilità, professionalità e indipendenza
- A complete dossier in Italian
4. What goes in the dossier
Core blocks of a complete IMEL dossier:
- Programma di attività — products, customer journey, channels, geographies
- Piano industriale — three-year financial projections, capital, profitability, sensitivity to stress
- Governance map — esponenti aziendali, key function holders, with onorabilità, professionalità and indipendenza per individual
- Sistema di controllo interno — risk, conformità, controllo permanente, internal audit
- ICT and operational-resilience framework — aligned with DORA
- Safeguarding (modello di tutela) — segregated account at a credit institution or insurance backing under D.Lgs 11/2010
- AML / CTF programme — risk assessment, policies, customer-due-diligence, designated responsabile antiriciclaggio and delegato per le segnalazioni — see AML representative across the EU
- Outsourcing register with the Article 30 DORA clauses for ICT
- Conduct framework — gestione dei reclami, marketing-communications policy, fees
- Shareholder structure — partecipazioni qualificate at and above 10%
5. Own-funds calculation
EMD2 sets the €350,000 floor. Ongoing own funds must be the higher of the floor and the result of Method A, B or D in Article 5 EMD2. In Italian practice, Method D — proportional to outstanding e-money — is most common, with Method B for hybrid models. Banca d’Italia scrutinises the methodology and worked examples in detail.
6. Onorabilità, professionalità, indipendenza
Each named esponente aziendale submits:
- CV with documented experience in regulated financial services
- Certificato del casellario giudiziale from each jurisdiction of residence in the past ten years
- Declaration of conflicts and other directorships
- Statement of onorabilità under D.Lgs 11/2010
Banca d’Italia may interview esponenti aziendali before grant. The interviews are in Italian.
7. Realistic timing
Statutory review under D.Lgs 11/2010 is six months from a complete dossier. End-to-end with pre-application engagement and feedback rounds, realistic timing is nine-to-twelve months for a first-time applicant. The Italian supervisor’s review style is detailed; the timeline reflects that.
8. What switches on at grant
- Banca d’Italia Segnalazioni — the supervisory reporting matrix
- UIF AML reporting and the AUA daily archive
- CESOP — once cross-border payment thresholds are met
- IPR statistical report — annual
- Conduct reporting through the ABF framework
- Passporting notifications to host states
9. FAQ
Is the dossier really filed in Italian?
Yes. Italian is the standard. Supporting annexes from international parents in another language are accepted but Banca d’Italia may request a sworn translation.
What is an IMEL versus an EMI?
Same substance — Istituto di Moneta Elettronica is the Italian legal term. EMI is the colloquial EU label. D.Lgs 11/2010 transposes EMD2 substantively the same way as Spain or France.
How does the AML representative work in Italy?
Two roles: the responsabile antiriciclaggio (function head) and the delegato per le segnalazioni (SOS signatory). Both are notified to Banca d’Italia and UIF respectively.
Can I appoint an outsourced AML representative?
Yes, conditionally — see our AML rep across the EU piece for the Italian-specific position.
How does Banca d’Italia view fintech-bank stacks?
Recognised, but Banca d’Italia expects clear accountability allocation between the partner bank and the fintech, documented in the contract. AML coordination is a recurring inspection focus.
Does PSD3 / PSR change the regime?
Yes — the proposed merger of EMI and PI categories will reshape the Italian framework. Existing IMEL authorisations are expected to be grandfathered with transitional provisions. Track the PSD3 / PSR file.
10. What to do, today
- Engage Banca d’Italia’s authorisation team in a pre-application meeting before drafting begins.
- Build the dossier in Italian from the start; translation as an afterthought is visible.
- Name esponenti aziendali early; criminal-record extracts take weeks for foreign residents.
- Build the ICT/DORA framework against the actual Article 28 Register layout.
- Plan the post-grant reporting catalogue (Segnalazioni, UIF/AUA, CESOP, IPR, conduct) alongside the application.
Related: Where to base your EMI · UIF Italy · EMI licence in Spain
