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Navigating AML obligations in the age of virtual IBANs

The Payments Association

Navigating AML obligations in the age of virtual IBANs February 10 2025 by Payments Intelligence LinkedIn Email X WhatsApp What is this article about? The compliance challenges of virtual IBANs, focusing on AML obligations and regulatory gaps. Why is it important? What’s next? Previous slide Next slide What are vIBANs?

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Evolving money laundering risks for EMIs: Insights from the upcoming NRA

The Payments Association

virtual IBANs, international transfers), And the abuse of prepaid instruments to obscure the origin of funds or facilitate layering. This classification gives precedent for an elevation in EMIs’ risk rating as they appeal to criminals for many of the same reasons, such as rapid onboarding, virtual IBANs , and multi-currency transactions.

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Economic Crime and Corporate Transparency Act examined: A guide to avoiding failure-to-prevent fraud measures

The Payments Association

The Home Office outlines six key principles: tone from the top, due diligence, risk assessment, proportionate procedures, monitoring/review, and communication/training. Due diligence : Ensuring employees and third parties adhere to anti-fraud policies. Monitoring and review: Regularly updating fraud prevention measures.

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Signicat, SurePay Link Up To Combat B2B Payment Fraud

PYMNTS

SurePay, owned by Rabobank, offers an Account Check solution that automates identity verification against an International Bank Account Number (IBAN) and SurePay’s proprietary database before transactions are initiated.