Italy central bank says all crypto transfers require sanctions screening

The Bank of Italy said crypto-asset service providers must verify whether both senders and recipients are subject to sanctions for all crypto transfers, regardless of amount. It also directed firms not to set minimum-value thresholds in internal systems that would allow small transfers to bypass automated screening procedures. The measure does not create a new compliance obligation, but clarifies how European Banking Authority guidelines that took effect in Italy on Dec. 30 last year should be applied to crypto transfers, according to DgWatch. As a result, local crypto firms need to review related systems and alert procedures to ensure sanctions-list screening is applied to every transfer.