Dubai: The UAE Central Bank announced Monday that the International Bank Account (IBAN) numbers will be mandatory for all account holders in the UAE from November 19 to conduct any local or international transactions.
"From November 19, customers will be required to use their IBAN to complete any local or international payment transactions. Additionally, the customer will need to ensure that their IBAN is used by the sender when they receive electronic payments, both locally and internationally," the Central Bank said in a statement Monday.
IBAN is a standardised numbering system developed to identify bank accounts around the world. It was originally developed by banks in Europe to simplify transactions involving bank accounts from other countries.
IBAN implementation in the UAE could mean that all customers will have specific IBAN numbers in addition to their present account numbers.
Source: gulfnews.com
