Crypto firms are expected to review their sanctions controls to ensure every applicable transfer undergoes the required screening.
Banca d’Italia has warned crypto-asset service providers (CASPs) that sanctions screening must be carried out on every individual crypto transfer, regardless of its value, in a new communication on compliance with EU and national restrictive measures. Firms must check information on both the originator and beneficiary before executing a transaction.
The central bank has specifically instructed operators not to configure internal systems with a minimum transaction threshold that could allow smaller transfers to escape automated screening. The requirement is intended…
