Required reporting to Banking Account Register of multiple IBAN codes associated to an account

Sepblac is aware of the commercialization and use of accounts with multiple IBAN codes associated to the same account. This practice could increase the risk of money laundering, as it diminishes the transparency in the traceability of the transactions carried out, as well as the knowledge of the account beneficial owner and third parties that could use those IBAN codes.

In order to mitigate these risks, Sepblac, as the institution responsible for receiving the Banking Account Register (FTF in Spanish) reporting, has modified the reporting technical procedure so all IBAN codes numbers, both main and multiple, associated with the same account must be declared. The reporting entities have received a technical procedure in order to facilitate the inclusion in the monthly or supplementary declaration of all IBAN codes issued on the same account that can be involved in payment transactions with third parties.

Finally, please remember that the responsibility for the quality, integrity and accuracy of the data declared to the FTF lies with the reporting entities, according to article 51.3 of the Regulation of Law 10/2010, of April 28th.