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.