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Compliance Officers Playbook

BaFin Warning Against Virtual IBANs and Money Laundering Risks

29 Jan 2025

Description

German financial regulator BaFin has warned that the use of virtual IBANs presents a heightened risk of money laundering. This warning highlights a concern about the potential for increased illicit financial activity facilitated by this technology. The statement underscores the need for enhanced monitoring and regulatory measures to mitigate these risks. BaFin's assessment emphasizes the vulnerability of virtual IBAN systems to abuse.

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