Bank of Italy: Requires cryptocurrency service providers to review each transaction, with no minimum amount threshold

The Bank of Italy (Banca d'Italia) issued a notice requiring payment service providers (PSPs) and crypto asset service providers (CASPs) to continuously use procedures related to the travel rule to review financial transactions, without setting a minimum amount threshold.

Relevant institutions must verify the names of the initiator and beneficiary when establishing customer relationships, when the European Council makes decisions, and at the time of each transaction, and compare them with the lists of sanctioned individuals and entities. Automated systems must not set a minimum amount threshold for transaction reviews, and transfer delays may be accepted if necessary to enhance sanctions screening.