On the failure of banks and credit institutions to verify the identities of transfer recipients against the relevant IBAN details  

Petition addressed to: Petitionsausschuss des Europäischen Parlaments

The petitioner calls on the EU institutions to require national banks, credit institutions and post offices to ensure that the names of transfer recipients correspond to the relevant IBAN details. She expresses concern that, in the absence of such an obligation, responsibility for verification falls exclusively on clients, opening the door to errors and fraud. She argues that verification of the identities of transfer recipients against corresponding IBAN details would help to prevent not only errors but also unlawful operations such as money laundering.