Due to the recent financial crisis originated from the United States in the second half of 2007, particularly, the southwestern European countries (hereinafter PIIGS) are facing extreme difficulty. Even though the situations of Ireland, Greece and Spain among the PIIGS which are grappling with such financial crisis is severe, the case of Italy is far more severe than them because the amount of the Italian budget deficit is bigger than the sum of the amounts of the three countries` national budget deficit. Furthermore, according to a new report, the weak financial regulation made such Italian situation worse. Also, Korea is very similar to Italy as released by a report. In this sense, the piece examines the Italian regulation over banking business and tries to find out some lessons from it as follows: First, there are several financial regulators in Italy while there is a single financial regulator in Korea. Second, the issue of electronic money is not fundraising in Italy. However, such issue is also fundraising like a deposit. Moreover, three different authorizations depending on financial institutions are required to deal electronic money in Korea while only one authorization without financial institutions is needed to treat such money in Italy. Third, the minimum capital requirement for banking business in Korea is ten times as compared with that of Italy. Fourth, there are diverse and detailed provisions for bank`s investment limits and holdings in a bank in Korea. However, there are not in Italy. Fifth, the Korean legal system has not only the internal control system but also the compliance officers while the Italian legal system has only the internal control system, not the compliance officers. Sixth, there is a prompt corrective action in Korea while there is not in Italy. Seventh, the Korean and Italian legal system have the provision for the corporate opportunity doctrine. However, Korea focuses on the directors who belong to a financial institution while Italy includes directors, large stockholders and workers. Eighth, Italian legal system has some detailed provisions for the internal and international cooperation of financial regulators. However, Korea has few provisions for the cooperation among financial regulators. Finally, Italy has the temporary suspension for the administrative and control bodies` power in a bank without suspending its banking business while Korea has not.