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EU divergence in issuing, regulating ‘virtual IBANs,’ European Banking Authority says

( May 24, 2024, 12:30 GMT | Official Statement) -- MLex Summary: The EU banking sector saw a report on the issuance and use of “virtual IBANs,” known as vIBANs, published by the European Banking Authority today. The report found that the sector diverges in how and why it issues vIBANs, and that national authorities also differ in interpreting and applying regulatory requirements. It identified potential risks arising from vIBAN divergences — such as money laundering and terrorist financing, consumer protection and regulatory arbitrage — and included recommendations on how EU law and national competent authorities can address them.Statement follows. The report is attached....

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