The Italian Supreme Court recently ruled out the applicability of Article 6 of the European Convention on Human Rights to the sanctioning proceedings on Anti-money laundering matters. A rethinking of the Court’s approach would be desirable, given the significant practical consequences of the decisions. The entry of fintechs into the market first served to address a productivity gap and possible discrimination in the provision of financial services. At a later stage, the current evolution leads the market to seek a necessary re-balancing of an offer that has fragmented progressively; hence the need and tendency to re-bundling. Authorities and supervisors will be called upon to monitor ongoing developments in order to ensure and preserve equal opportunities between entities offering similar financial services.
