Below we provide a summary of the new rules introduced.
  

(A) CHEQUES.
  

1. Banks are required to issue bank cheques and banker’s drafts already marked as “NON-TRANSFERABLE”.

2. The “NON-TRANSFERABLE” writing must be included on bank cheques and banker’s drafts issued from 6 December 2011 for amounts equal to or greater than € 1,000. Cheques issued as non-transferable must always state the name or company name of the beneficiary.

3. Customers may ask their bank in writing to issue them with negotiable bank cheques or banker’s drafts, i.e. not marked as non-transferable. For each negotiable bank cheque or banker’s draft issued customers shall pay € 1.50 by way of stamp duty. In any event, the writing “NON-TRANSFERABLE” must be included on cheques issued from  6 December  2011 for amounts equal to or greater than € 1,000. 

4. Banks are required to notify the competent public Authorities on request of the identification details and tax code of the parties that have requested the negotiable bank cheques or banker’s drafts, as well as those that have presented them for payment.

5. Any bank cheque issued to the order of the drawer (including those with expressions such as “to myself” or similar instead of the name of the drawer) may not circulate but may be endorsed solely to a bank for payment.

The above rules also apply to post-office current accounts, postal money orders and promissory notes.


(B) BEARER PASSBOOKS.
  

1. From 13 August 2011 bearer passbooks may not have a balance equal to or greater than € 1,000 (formerly € 2,500). Those passbooks with a balance equal to or greater than this amount must consequently be closed by the holder or reduced to an amount no greater than that indicated by 31 December 2011.

2. If a bearer passbook is transferred to another party, the holder must inform the bank within 30 days of the transfer of the identification details of the party who was given the passbook and the date of the transfer.

3. Identification details mean: for natural persons, name and surname, date and place of birth, address, tax code, type and details of ID; if a party other than a natural person, company name, registered office and tax code.

 
The above rules also apply to bearer passbooks issued by post offices.
 
 
(c) TRANSFER OF CASH, BEARER PASSBOOKS AND BEARER SECURITIES.
 
From  6 December  20 11 the maximum limit for carrying out transfers in cash is € 1,000. From this date cash, bearer passbooks or bearer securities may not be transferred between different parties if the value transferred, even if divided up artificially, is equal to or greater than a total of € 1,000. Transfers greater than the maximum amount may be carried out only through banks, Poste Italiane S.p.A. offices or electronic money institutions.

Lastly, the above rules provide for the application of pecuniary administrative sanctions imposed by the Ministry for Economy and Finance, to which banks are required to report all breaches that come to their attention. 
  

The above rules were introduced by Art. 2 of Decree-Law no. 201 of 6 December 2011, in amendment of Art. 49 of Legislative Decree no. 231 of 21 November 2007.
 
For further information, please contact your Branch.