Hallelujah, the ATMs are back on!

 
Feb. 14, 2013

ATM services were restored this week in Vatican City. The machines were shut down on Dec. 31 by an Italian government irritated by the Vatican Bank's failure to implement an acceptable regulatory framework — including anti-money-laundering measures.

Also shut down was the Vatican's access to all types of electronic payments, making it a cash-only city state — and major tourist mecca — for nearly six weeks, said a report by the Montreal Gazette. The inability to accept plastic has cost the Vatican tens of thousands of euros, said the article.

On Tuesday, the Vatican finalized a deal with a Swiss cashless payment firm, Aduno SA, to restore electronic transaction processing following a successful Council of Europe Moneyval committee transparency test.

However the Vatican's financial watchdog agency received a failing grade. Reforming the agency will be the task of the next Vatican Bank president, who is expected to be chosen within the next few weeks. The previous president, Italian banker Ettore Gotti Tedeschi, was dismissed in May for incompetence.

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Topics: Regulatory Issues , Security , Transaction Processing


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