Italy’s central bank orders sanctions screening for crypto transfers

Banca d’Italia ordered crypto service providers to implement internal controls to screen for crypto transfers tied to sanctioned entities.

Italy’s central bank, Banca d’Italia, ordered mandatory sanctions screening for cryptocurrency transfers to help curb illicit flows across the EU. 

The bank said that crypto asset service providers (CASPs) must put policies and internal controls in place to enforce EU financial sanctions when processing crypto transfers, according to a Monday announcement.

The central bank said that CASPs should strive to ensure adequate controls to identify customers and transactions linked to sanctioned entities.

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