Bank of Italy Requires Crypto Asset Service Providers to Review Every Transaction

The Bank of Italy has issued a notice requiring payment service providers and crypto asset service providers to continuously use procedures related to travel rules to review financial transactions, with no minimum amount threshold set. Relevant institutions must verify the names of the initiator and beneficiary at the time of establishing customer relationships, when the European Council makes decisions, and at the time each transaction occurs, comparing them against lists of sanctioned individuals and entities. Automated systems must not set a minimum amount threshold for transaction reviews, and transfer delays may be accepted when necessary to enhance sanction screening.