IBAN Discrimination – What You Need To Know
What is IBAN discrimination?
IBAN discrimination is when a person cannot make or receive a SEPA credit transfer or pay via a SEPA direct debit from her/his bank account located in another Member State.
Please watch the video of Ms. Mairead McGuiness, the EU commissioner, with the explanation.
💸 If you have a bank account in an EU country, you can use your IBAN number to make euro payments across the EU.
— Mairead McGuinness (@McGuinnessEU) March 11, 2024
If a company or public body stops you using an EU IBAN, this is IBAN discrimination: it’s against EU law.
More info: https://t.co/5yaycexmsZ#MyMoneyEU pic.twitter.com/AD83F2MLR0
What to do if you face IBAN discrimination?
If you have encountered any IBAN discrimination – i.e. you have not been able to make or receive a SEPA credit transfer or pay via a SEPA direct debit from your bank account located in another Member State – it is advised to file a complaint with the national competent authority in the country where you have encountered this IBAN discrimination.
Monitoring
To monitor the overall evolution of IBAN discrimination in the European Union, the European Commission would like to receive feedback from all persons who encountered any IBAN discrimination.
LEI requirements
Don’t forget that from January 3rd, 2018 all legal entities (regardless of where the legal entity is incorporated, or geographically located), investment companies, and structures involved in buying, selling, or issuing financial instruments on EU-regulated markets are responsible and required to obtain and maintain a Legal Entity Identifier (LEI).
LEIs contribute to financial transparency, helping regulators and organizations gain insights into beneficial ownership structures and detect potential financial misconduct. Thus, carefully check (using the LEI lookup tool) all the information presented in the Legal Entity Reference Data (LE-RD), before initiating any business transaction.
LEIpapa is an official Registration Agent of Ubisecure RapidLEI and has been in the business since 2021 guiding its clients through the world of LEI. We offer a professional and secure way to register LEIs for all companies you own or represent. We are here to help legal entities apply for new LEI codes and renew their existing LEIs.
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At LEIpapa, we understand the importance of a Legal Entity Identifier (LEI) in today’s interconnected global economy, and we’re committed to making your registration process as smooth and hassle-free as possible. Visit LEIpapa web app or contact us to start your LEI registration today.
Featured picture X: @McGuinnessEU.
LEIpapa is an Official LEI Registration Agent and a partner of Ubisecure RapidLEI. We build the most reliable and transparent corporate data registry on Global LEI system.