Reporting obligation pursuant to Art. 11 of Legislative Decree 11/2010. Reporting templates

The Bank of Italy has issued a communication regarding the reporting obligations outlined in Article 11 of Legislative Decree 11/2010. This obligation applies to PSPs and entails providing written notification to the Bank of Italy in the event of suspending refunds due to a justifiable suspicion of fraud. PSPs are required to provide immediate refunds for unauthorized transactions, but they can temporarily suspend refunds in case of suspected fraud, with prior written notice to the Bank of Italy. The communication clarifies the circumstances under which PSPs can withhold refunds for unauthorized transactions pending investigation and provides guidance on how they should inform the Bank of Italy about such refusals.
A reporting template is made available to PSPs in Italy subject to the reporting requirements of the PSD2 Directive and corresponding national legislation, to facilitate standardized reporting, encouraging PSPs to communicate through a specific email address. The communication should include information such as the ABI code, the reference month/year of the unauthorized transaction notification, and a specific reference to Article 11, paragraph 2, of the decree. Reports should be sent on a monthly basis in the case of positive suspicions of fraud, but ad-hoc reporting is also allowed. In the case of free-form reports, PSPs are encouraged to follow the provided template to ensure the inclusion of relevant information.
It’s important to note that PSPs must normally refund unauthorized payments immediately or by the end of the following business day. However, they can withhold refunds in cases of suspected fraud and are required to promptly notify the Bank of Italy.