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ARTICLE · 09 AUGUST 2024

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EBA Sets Out Its Findings And Supervisory Expectations On Virtual IBANs

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On 24 May 2024 the European Banking Authority (EBA) released an inaugural Report on the issuance of virtual International Bank Account Numbers (VIBANs).

European UnionFinance and Banking
Michael Huertas
Michael Huertas
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RegCORE – Client Alert | EU Digital Single Market

QuickTake

On 24 May 2024 the European Banking Authority (EBA) released an inaugural Report1 on the issuance of virtual International Bank Account Numbers (VIBANs). The Report follows on from a detailed fact-finding exercise completed during 2023 and 2024.

The Report notes that due to the (current) lack of a standardised definition at EU law, VIBANs are provided in various methods and for different reasons. Additionally, national competent authorities (NCAs) differ in their interpretation and implementation of legal requirements. The Report also highlights concerns regarding money laundering and terrorist funding (AML/CTF), as well as difficulties related to consumer and depositor protection, authorisation and passporting as well as regulatory arbitrage risks. With these statements the EBA appeals to the EU's co-legislators to facilitate legislative clarity and equally for NCAs to adopt measures in the Report

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