IWBank is the online bank of the fifth largest Italian banking group UBI Banca

For this Italian bank time never passes.

A reader sent us this screenshot of their online banking. They says they were contacted by the bank, having an account in Italy, about the law against money laundering.

The bank said they would have to update their residence to stop incorrect information being communicated. The phone operator said they would have to enter Czechoslovakia as their country of residence, but the customer said that that country does not exist anymore and that he lives in the Czech Republic.


At this point the operator, after putting the customer on hold, responded that he could not find the name in the list and he did not know this country. The customer, in disbelief, tried to get into his online banking and found out that there was no option for the Czech Republic or Slovakia. Czechoslovakia was the only option available.



Probably for IWBank S.p.a. the Czech Republic does not yet exist and they must instruct their staff on this subject by teaching history in reverse.

Hopefully this bank really respects the rule against money laundering, since it means customers in Czech Republic and Slovakia can not communicate the correct information to the Italian state.