ITALY—Counterfeit Euros: green light of the Garante to the Decree on SIRFE
By Rocco Panetta
The Garante, Italy’s DPA, gave its green light to a draft decree of the minister of economy and finance (Mef) aimed at fixing criteria and procedures of telematic transmission of data and information relating to the return of euros suspected of being counterfeit.
The decree requires banks, Poste Italiane, electronic money institutions and money-charger in their role of “cash-handlers” to transmit to the Mef any information acquired at the time of the return of the suspected euros through the new Computerized System for the Detection of Counterfeit Euros (SIRFE). Cash-handlers will also have to inform people presenting suspect banknotes and coins that their data will be transmitted to Mef and filed within the SIRFE.
While giving its green light, the authority recommended a number of precautionary measures, such as the need for the cash-handlers to adopt specific rules for the management of authentication credentials to the system, to introduce relevant deadlines and to boost the levels of security access keys.
Rocco Panetta is an Italian lawyer and partner of Panetta & Associati Studio Legale in Rome. He is the former head of legal at the Italian Data Protection Authority and a member of the IAPP Europe Advisory Board.