Italy's Central Bank Requires Crypto Asset Service Providers to Review Every Transaction, With No Minimum Amount Threshold

Odaily reports: The Bank of Italy (Banca d'Italia) has issued a notice requiring payment service providers (PSPs) and crypto asset service providers (CASPs) to continuously review financial transactions using procedures related to the Travel Rule, with no minimum amount threshold.

Relevant institutions must verify the names of the originator and beneficiary when establishing a customer relationship, when the EU Council makes a decision, and at the time of each transaction, and cross-check them against lists of sanctioned individuals and entities. Automated systems must not set a minimum amount threshold that limits transaction review, and transfer delays may be accepted when necessary to strengthen sanctions screening. (Bitcoin.com News)