EBA issues a report on ‘virtual IBANs’ (vIBANs), following a comprehensive fact-finding exercise on the issuance and use by payment service providers (PSPs) of (vIBANs)

The key AML/CTF concerns identified include: 1) Insufficient visibility for national competent authorities (NCAs) regarding the extent of vIBAN offerings within their jurisdictions. 2) Differing interpretations of the applicable AML/CFT regulatory framework for cross-border vIBAN services. 3) Limited visibility for counterpart PSPs involved in fund transfers regarding the identity of the end users of vIBANs…