On the 7th, the Italian Central Bank released a directive concerning compliance procedures for EU and domestic sanctions. It targets payment service providers and cryptocurrency-related service providers, demanding the adequacy of systems to identify transactions and account relationships related to designated entities.
EU Regulation 2023/1113 mandates both sectors to establish policies, procedures, and internal management systems to ensure the effective implementation of sanctions during the transfer of funds or cryptocurrencies. Based on this regulation, the European Banking Authority (EBA) has developed guidelines...