What has happened?
Following previous warnings by the Bank of Italy in 2015 and 2018, the Italian Financial Intelligence Unit (FIU) has now also rung the alarm bells in respect of virtual assets by publishing a communication on potential abuses in the use of virtual assets.
What does this mean?
According to the Communication, in the past few years, the number of suspicious transactions reported in respect of activities related to virtual assets received by the FIU has increased significantly.
In this context, the FIU provided a non-exhaustive list of anomalous indicators that intermediaries should take into account on a case-by case-basis in order to assess whether to file a suspicious transaction report with FIU or not.
The FIU also reiterated the need to carefully assess any such transaction.
For this purpose, the FIU also published specific instructions for the reporting concerning suspicious use of virtual assets.
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