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Italy

E-signatures in finance and NPL transactions in Italy

Table of contents
  1.  E-contracting, e-statements and e-signatures in banking & finance transaction contracts and legal statements
    1. Which are the typical documents (contracts, legal statements, etc.) where written form, paper format and wet-ink signatures are mandatory?
    2. Which are the typical documents where written form is mandatory, and electronic form and e-signature are allowed?
    3.  If the written form is mandatory and electronic form and electronic signature is allowed in banking & finance transactions and agreements, what kind of e-signature is sufficient?
    4. Is there any other electronic signing/acceptance/ statement making method which meets the criteria of written documents in banking & finance transactions and agreements?
    5.  If written form is not mandatory, what kind of e-signature or other e-acceptance method is sufficient?
  2.  Electronic attorney countersigning, notarial deed and Apostille
    1.  Is the attorney countersigning accepted in electronic form? If yes, in what form and on what conditions?
    2.  Is the notarial deed accepted in electronic form? If yes, with what conditions? 
    3.  Is the Apostille accepted in electronic form (e-Apostille)? Is your jurisdiction member of the e-Apostille Program (e-APP)?
  3. Electronic AML customer authentication/identification
    1.  Is the AML customer authentication/identification allowed in electronic way?
    2. Which electronic AML customer authentication (verification)/identification methods are accepted? 
    3.  Are the beneficiary owner declaration and PEP declaration accepted in electronic form? If yes, with what kind of formalities?
Italy

Agreements on financial services, including all finance transaction contracts and their modification and termination, must be in the written form.

Various documents must be executed by public deed or by private agreement to be authenticated by a notary, else being void, such as a deed of mortgage and, more generally, all contracts regulating the transfer of real estate property or other rights in rem.

1.2 Which are the typical documents where written form is mandatory, and electronic form and e-signature are allowed?

Under Italian law, all documents can be in electronic form and bear e-signatures in compliance with the European standards CAdES, PAdES and XAdES.

E-signatures can be of a different nature: “simple”, “advanced”, “qualified” and “digital”, depending on how strong their security level is.

When the notarial form of a contract/deed is required by law, such document/deed can be executed in electronic form and bear an e-signature, but this must be done before a notary and on the basis of a “qualified” or “digital” e-signature.

1.3 If the written form is mandatory and electronic form and electronic signature is allowed in banking & finance transactions and agreements, what kind of e-signature is sufficient?

All contracts which must be executed in the written form can be executed in electronic form but must bear an advanced, qualified or digital signature.

All other documents can be executed through a simple e-signature such as those used in the point-and-click system (as recently confirmed by the Supreme Court through decision 9413 of 9 April 2021 in relation to banking contracts), although such mean of signature is always subject to possible challenges on validity (as is any other wet-ink signature, unless it is perfected before a notary). 

1.4 Is there any other electronic signing/acceptance/ statement making method which meets the criteria of written documents in banking & finance transactions and agreements?

No.

1.5 If written form is not mandatory, what kind of e-signature or other e-acceptance method is sufficient?

Please see answer No. 3

2. Electronic attorney countersigning, notarial deed and Apostille

2.1 Is the attorney countersigning accepted in electronic form? If yes, in what form and on what conditions?

An attorney countersigning is not a means of authenticating documents/contracts under Italian law. This can be only used in the authentication of a mandate for a litigation. In particular, it is possible to issue a power of attorney for litigation at a distance. This method, which is optional and does not replace the traditional methods provided for by the Italian Civil Procedure Code, can only be used until the end of the emergency measures due to COVID, currently set for 31 December 2021. 

2.2 Is the notarial deed accepted in electronic form? If yes, with what conditions? 

Since 2013, it has been possible for a notarial deed also to be drawn up in a totally electronic way. In this case, instead of signing a paper document the parties sign with their own e-signatures the electronic document containing the deed itself and any annexes, followed by the e-signature of the notary (which contains the notary’s signature and seal). 

The notarial deed is stored electronically in a special Regulatory Storage system maintained by the National Council of Notaries on facilities owned and administered by its company, Notartel S.p.A.

2.3 Is the Apostille accepted in electronic form (e-Apostille)? Is your jurisdiction member of the e-Apostille Program (e-APP)?

Yes, the apostille is accepted in electronic form. In this case, both the original document and the apostille are in electronic form. There will therefore be two distinct documents: the notarial deed, digitally formed by the notary, and the apostille, digitally signed by the authority responsible for its issue.

Italy is not member of the e-Apostille Programme (e-APP).

3. Electronic AML customer authentication/identification

3.1 Is the AML customer authentication/identification allowed in electronic way?

According to Italian AML provisions, the identification of the client, the beneficial owner and the executor can be performed electronically. 

3.2 Which electronic AML customer authentication (verification)/identification methods are accepted? 

The identification of the relevant person can be carried out through the following methods: 

  1. a digital identity certification of high-security level issued within the public system established pursuant to Art. 64 of legislative decree n.82/2005;
  2. a digital identity certification of highest level of security or a certificate for the generation of an electronic signature, issued within a regime of electronic identification included in the list published by the EU commission pursuant to Art. 9 or EU Regulation n.910/2014; or
  3. safe electronic identification procedures regulated, authorised and allowed by the Agenzia per l’Italia Digitale (the Agency of Digital Italy).

3.3 Are the beneficiary owner declaration and PEP declaration accepted in electronic form? If yes, with what kind of formalities?

The beneficial owner declaration and the PEP declaration can be in electronic form. Although there are no mandatory formalities required in this respect, it is advisable to have the electronic form executed with an e-signature that has a probative value, i.e. advanced, qualified or digital e-signature. 

Authors

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Portrait ofEva Selvaggiuolo
Eva Selvaggiuolo
Senior Associate
Rome
Portrait ofGianfabio Florio
Gianfabio Florio
Counsel
Rome