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

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The Bank of Italy has published a communication to clarify the grounds on which payment service providers (PSPs) may refuse to refund unauthorized transactions pending further investigation and how they must notify the Bank of Italy of the refusal. Furthermore, to ensure the orderly reporting of refusals, a template is available to all the PSPs that operate in Italy and that are subject to the reporting requirements under the 'PSD2' Directive and the national legislation transposing the directive, so they can initiate the reporting process.

Please note that PSPs are legally required to refund unauthorized payments immediately and, in any event, no later than by the end of the business day following that in which they become aware of the transaction. Nevertheless, the PSPs may withhold the refund in case of suspicion of fraud and immediately notify the Bank of Italy of such in writing (Art. 11.2 of Legislative Decree 11/10 as amended).