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title: Italy — Legal & Litigation | World Payments Monitor
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publisher: Asymmetric Intelligence

### W7 Legal & Litigation Confirmed confirmed 2026-07-04

Banca d'Italia continues to issue administrative sanctions against payment/e-money institutions and banks (e.g. Moneynet Spa, Smart Bank Spa), and D.Lgs. 208/2025 (effective 2026) materially strengthens enforcement by introducing periodic 'penalita di mora' penalty payments alongside classic pecuniary sanctions. AGCM competition review of the Nexi/SIA merger (2021) continues to shape scheme-access litigation risk, and Banca d'Italia's supervisory interpretation reclassifying most BNPL products as regulated consumer credit is reshaping compliance exposure for BNPL providers.

Horizon · 2026-11-01 (± a quarter) EU Consumer Credit Directive II enters into force, tightening BNPL exemption thresholds_Adopted, not yet in force · Tier 3 source_

Standing sub-brief · as of 5 July 2026 144 words · last cycle 2026-07-04

#### Legal & Litigation

D.Lgs. 208/2025 introduces periodic penalty payments -- penalita di mora, under new Art.144-ter.1 TUB -- leviable daily, weekly or monthly until non-compliance ceases, alongside classic pecuniary sanctions. The reform materially raises enforcement exposure for payment and e-money institutions with unresolved supervisory findings, changing the cost calculus of prolonged non-compliance.

Separately, Banca d'Italia has clarified that most buy-now-pay-later agreements qualify as regulated consumer-credit financing under national banking law when the lender is not the merchant, ahead of the EU Consumer Credit Directive II entering into force from November 2026. The reclassification pulls independent BNPL providers into licensing, AML and disclosure regimes, favouring bank-backed BNPL models as CCD II compliance thresholds tighten.

#### Outlook

Watch for the first periodic-penalty-payment enforcement actions under D.Lgs. 208/2025 and for how independent BNPL providers adapt their licensing posture ahead of the November 2026 Consumer Credit Directive II deadline.

no periodic updates on record for this sub-brief

** Sources and findings (4)**

1. T1 [https://www.bancaditalia.it/compiti/vigilanza/provvedimenti-sanzionatori/index.html](https://www.bancaditalia.it/compiti/vigilanza/provvedimenti-sanzionatori/index.html) retrieved 2026-07-04
2. T3 [https://www.diritto.it/dlgs-208-2025-novita-per-banche-e-vigilanza/](https://www.diritto.it/dlgs-208-2025-novita-per-banche-e-vigilanza/) retrieved 2026-07-04
3. T2 [https://one.oecd.org/document/DAF/COMP/WD(2025)36/en/pdf](https://one.oecd.org/document/DAF/COMP/WD(2025)36/en/pdf) retrieved 2026-07-04
4. T3 [https://www.globenewswire.com/news-release/2026/02/03/3230796/28124/en/Italy-Buy-Now-Pay-Later-Business-Report-2025-A-26-6-Billion-Market-by-2031-from-8-06-Billion-in-2025-Featuring-Klarna-Scalapay-Oney-PayPal-PagoLight-Nexi-Confidis-Deutsche-Bank.html](https://www.globenewswire.com/news-release/2026/02/03/3230796/28124/en/Italy-Buy-Now-Pay-Later-Business-Report-2025-A-26-6-Billion-Market-by-2031-from-8-06-Billion-in-2025-Featuring-Klarna-Scalapay-Oney-PayPal-PagoLight-Nexi-Confidis-Deutsche-Bank.html) retrieved 2026-07-04