European and global officials are stepping up efforts to address the illicit finance-related risks presented by virtual international bank account numbers, or virtual IBANS, amid widespread concerns that criminals use them to rapidly move funds across borders undetected.
Virtuals IBANs, unique codes of up to 34 characters in lenght that payment platforms and other fintechs can issue to online merchants and other customers outside the EU leverage “master accounts” at licenced, mainstrem banks and digital lenders.
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