OAM — the Italian agent and crypto register
The OAM register is one of the Italian regulatory features most often misunderstood by foreign-licensed firms. The Organismo degli Agenti e dei Mediatori maintains the mandatory register of payment-services agents and brokers in Italy — and (historically) of crypto-asset service providers under the pre-MiCA regime. Registration is per natural and legal person; it is a separate procedure from the principal IMEL or IP authorisation, with its own fitness-and-properness and operational requirements. This piece walks through who must register, what the procedure looks like, and how the regime sits next to the MiCA CASP authorisation now in force.
1. Who runs the OAM
The OAM — Organismo degli Agenti e dei Mediatori — is an Italian-law body operating under the supervisory umbrella of Banca d’Italia. It is responsible for managing the registers of payment-service agents, money-transfer mediators, financial intermediaries and (historically) virtual-asset service providers.
The legal basis sits in the Testo Unico Bancario and in dedicated decrees implementing Article 128-undecies TUB and Article 17-bis of Decreto Legislativo 141/2010.
2. Who must register
Two main categories matter for fintech audiences:
- Agents of payment institutions and IMELs (Agenti in Attività Finanziaria) — natural persons or legal entities that act on behalf of a principal IMEL or IP in Italy. Required regardless of whether the principal is Italian-authorised or passporting in.
- VASPs under the pre-MiCA regime — historically, the OAM operated the registry of virtual-asset service providers. MiCA introduced the CASP authorisation regime; the OAM-VASP register is in transitional run-down. New entrants register as CASPs through CONSOB and Banca d’Italia; existing OAM-registered VASPs migrate under Article 143 MiCA.
3. Agent registration — what it involves
The registration captures:
- Identification of the agent — name, NIF/codice fiscale, address, contact details
- Identification of the principal IMEL or IP whose services the agent distributes
- The mandate contract between the principal and the agent
- Fitness-and-properness evidence — CV, criminal-record extract, declaration of conflicts
- Professional indemnity insurance or equivalent
- Training records — agents must demonstrate appropriate AML and payments training
The principal IMEL or IP retains supervisory responsibility for the agent’s conduct, including AML compliance. Banca d’Italia inspects this on both sides.
4. The VASP-to-CASP migration
The historical OAM-VASP register pre-dated MiCA. With MiCA in force, virtual-asset service providers must obtain a CASP authorisation under Article 59 — see our CASP authorisation in Italy piece. The Italian implementing decree set transitional windows during which OAM-VASP-registered firms could continue operating while finalising their CASP authorisation.
Key implications:
- OAM-VASP registration is not equivalent to CASP authorisation
- Continued operation depends on completing the CASP file inside the transitional window
- Missing the window means operating without authorisation
- New entrants apply directly through the CONSOB + Banca d’Italia track
5. For passporting EMIs and PIs
An IMEL or IP authorised in another EU member state and operating in Italy through agents must ensure the Italian agents are OAM-registered. The passporting institution does not itself register with OAM, but the agents do. The principal is supervised by the home regulator; the agents are supervised by Banca d’Italia through the OAM framework.
Practical implication: building an agent network in Italy from a foreign-licensed principal takes additional time — each agent needs an independent OAM registration before they can act.
6. OAM supervision
OAM’s supervisory role covers:
- Maintaining the registers
- Vetting fitness-and-properness at registration and on renewal
- Investigating customer complaints raised against registered agents
- Issuing sanctions — fines, suspensions, deregistrations
- Coordinating with Banca d’Italia, UIF and the Guardia di Finanza on cross-supervisory matters
Annual fees apply to registered agents and to the principals managing networks.
7. FAQ
If I’m OAM-registered as a VASP, am I CASP-authorised under MiCA?
No. OAM-VASP registration was a different regime. MiCA CASP authorisation is a separate process at CONSOB and Banca d’Italia. Article 143 transitional provisions allow continued operation during the file process inside defined windows.
I’m a foreign-licensed IMEL — do I register with OAM?
Not as a principal. But each agent acting on your behalf in Italy must register with OAM independently before performing regulated activity.
What about online-only distribution without agents?
If you distribute services directly to Italian customers through your own channels without using agents, OAM agent-registration is not required. Other Italian obligations (AML through UIF/AUA, conduct through Banca d’Italia) still apply.
Can a foreign person register as an OAM agent?
Yes, conditionally. The registration requirements include Italian-substance requirements — typically a Codice Fiscale, an Italian operational address, and fitness-and-properness evidence acceptable to OAM. Cross-border arrangements without genuine substance are rejected.
What happens at agent deregistration?
The agent can no longer perform regulated activity. The principal IMEL or IP must notify OAM and Banca d’Italia, terminate the mandate, and ensure customer-relationship continuity. Sanctions against the agent may flow separately.
How does OAM interact with the OAM-side conduct framework?
OAM handles complaints against registered agents at first instance; serious matters escalate to Banca d’Italia. The Arbitro Bancario Finanziario (ABF) is also available for customer escalation — see our Italian conduct piece.
8. What to do, today
- If you plan to use Italian agents, plan OAM registrations for each — minimum weeks per agent.
- If you are OAM-VASP-registered, confirm your CASP transitional-window status and start the dossier immediately.
- Build agent-supervision processes that satisfy both your home regulator and Banca d’Italia / OAM.
- Track agent fitness-and-properness records continuously, not just at registration.
- Coordinate with the OAM on the annual fee cycle and on any change-of-status filings.
Related: CASP authorisation in Italy · PI licence in Italy · UIF Italy
