WARNING DIFFERENCES IN VIRTUAL IBANS CREATE MONEY LAUNDERING RISKS
May 29th, 2024
The European Banking Authority (EBA) is warning that differences in the way virtual bank account numbers (vIBANs) are regulated, and even defined, is creating gaps that criminals can exploit for money laundering and terrorist financing.
The EBA sounded the alarm in a May 24 'Report on virtual IBANs' (1), which notes that since vIBANs are not always recognised by industry or regulators, the full extent of their use is unknown. This, said the Paris-based regulator, could prevent effective supervision and control of how payment service providers (PSPs) offering ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.