The Bank of Italy has issued a notice requiring payment service providers and crypto-asset service providers to keep using travel rule-related procedures to review financial transactions, with no minimum amount threshold allowed. The notice says firms must verify the names of both the originator and the beneficiary when establishing a customer relationship, when the Council of the European Union makes a decision, and at the time each transaction is carried out. Those names must also be checked against sanctions lists covering individuals and companies. The central bank added that automated systems must not apply minimum thresholds that would limit transaction screening, and that transfer delays may be accepted when needed to strengthen sanctions checks.
According to ChainCatcher, the Bank of Italy, or Banca d’Italia, has issued a notice requiring payment service providers (PSPs) and crypto-asset service providers (CASPs) to keep using travel rule-related procedures to review financial transactions, without any minimum amount threshold.
Under the notice, the relevant institutions must verify the names of both 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 Bank of Italy also said automated systems must not set any minimum threshold that limits transaction screening. Where necessary, transfer delays may be accepted to strengthen sanctions checks.
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