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NEWS: Virtual IBANs increase risk of money laundering, says German regulator BaFin

By PAUL O’DONOGHUE, Senior Correspondent

GERMANY’S financial regulator BaFin has warned that virtual IBANs (vIBANs) and cryptocurrency are increasing money laundering risks.

Virtual IBANs differ from standard IBANs in that a single bank account can be linked to multiple vIBANs. This, BaFin says, complicates efforts to trace transactions and identify payment senders, recipients, and their locations.

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