The Payments Association

FEBRUARY 10, 2025

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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IBAN AML Master Account Due Diligence 88

The Fintech Times

MAY 22, 2024

These accounts will be accompanied by individual IBANs and will, in turn, enable fast-growth businesses to collect payments in European countries and beyond on local payment rails. However, despite being designed as an international standard, IBANs are often only functional on a domestic basis.

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IBAN Accounts Multi-Currency Cross-Border 59

The Payments Association

FEBRUARY 10, 2025

This legislation represents a significant shift in corporate accountability, aiming to strengthen the UKs legal framework against financial crime. Voices from the industry Businesses subject to the Failure to Prevent Fraud offence must understand their legal obligations under the new law.

Crime 88

Crime Fraud Prevention Risk Assessment Due Diligence 88

Fintech Finance

MAY 21, 2024

The local accounts — with accompanying individual IBANs — will enable fast-growth businesses to collect payments in countries across Europe and beyond on local payment rails. However, despite being designed as an international standard, even today IBANs are often only functional on a domestic basis.

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IBAN Accounts Multi-Currency Cross-Border 52

Open Banking Excellence

NOVEMBER 14, 2023

This would increase consumer awareness, bolster customer authentication standards, extend refund rights for fraud victims, and mandate the verification of payees’ IBAN numbers against their account names for all credit transfers.

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Non-Bank Rules Authentication Regulations 130

The Fintech Times

APRIL 13, 2024

Smart insights and full legal ownership for both participants offer added safety and transparency. Every joint account also comes with its own dedicated IBAN, making shared expenses like rent payments or household expenditures easy to manage and split.

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Accounts IBAN Legal Participant 59

Nanonets

NOVEMBER 14, 2023

Non-compliance with these regulations can result in avoidable legal and financial repercussions. It is therefore a must to ensure accurate tax coding and compliance during the invoice process to avoid any legal issues or financial penalties. Another critical aspect is the handling of international taxes , such as VAT or GST.

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Accounts Wire Transfer Multi-Currency Cross-Border 52