According to CoinMeta, the Central Bank of Italy (Banca of Italia) has required crypto asset service providers to implement internal controls in order to review crypto transfers related to sanctioned entities. This measure is aimed at helping to curb illegal capital flows within the European Union. The central bank stated that crypto asset service providers must establish policies and internal controls to enforce EU financial sanctions when handling crypto transfers. The bank also emphasized that service providers should ensure they have adequate control measures to identify customers and transactions related to sanctioned entities.