The Bank of Italy has issued a notice requiring payment service providers and crypto-asset service providers to keep using procedures linked to the Travel Rule to review financial transactions, with no minimum amount threshold allowed. Under the notice, affected firms must verify the names of originators and beneficiaries when establishing a customer relationship, when the Council of the European Union makes a decision, and at the time each transaction is carried out. They must also compare those names against sanctions lists covering individuals and companies. The notice also states that automated systems must not apply any minimum transaction threshold that would limit the scope of reviews. Where needed, transfer delays may be accepted to strengthen sanctions screening. The report was cited by Bitcoin.com News.
Odaily reported that the Bank of Italy issued a notice requiring payment service providers, or PSPs, and crypto-asset service providers, or CASPs, to keep using procedures tied to the Travel Rule to review financial transactions, with no minimum amount threshold.
Under the notice, the firms must verify the names of the originator and the beneficiary when establishing a customer relationship, when the Council of the European Union makes a decision, and when each transaction takes place. The names must also be checked against sanctions lists covering individuals and companies.
The notice also says automated systems must not set any minimum transaction threshold that would restrict transaction reviews. If necessary, transfer delays may be accepted to strengthen sanctions screening.
The report cited Bitcoin.com News as the source.
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