Bank of Italy bans second credit-card issuer

bank-of-italy

American Express has become the second credit card company to be hit by Italy's money laundering and usury laws after the central bank banned it from issuance of new credit cards on Thursday.

The Bank of Italy on Thursday halted all issuance of new credit cards by American Express. All existing cards will, however, remain active.

The central bank cited irregularities linked to money laundering laws and usury, describing the decision as precautionary and urgent. The suspension is due to take effe

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