The Euro Banking Association (EBA) today issued version 4.0 of the EBA Fraud Taxonomy, which will take effect on 1 January 2024. The taxonomy equips fraud fighters with a standardised vocabulary and approach for harmonising the categories they use for the description of fraud types. It has been developed by the Association’s Expert Group on Payment Fraud-related Topics (EGPF) representing financial institutions from 15 European countries.

IBAN-name checks can help to increase the attractiveness of instant payments within the EU, notably by increasing trust in the new mode of payment. But in order to effectively combat attempts at fraud and to bring about greater acceptance of instant payments Europe-wide, they need to be supplemented by further measures. The study “IBAN-name check: Current developments and concepts” co-authored by Strategy&, PwC’s global strategy consulting business, together with Oesterreichische Nationalbank (Austrian National Bank, OeNB), Deutsche Bundesbank, and the Euro Banking Association (EBA) provides a broad expert view on the topic.

Among other updates, new sections on the Digital Operations Resilience Act (DORA), Guidelines on Outsourcing, and the Cyber Risk Institute Profile were added to the Cyber Regulation E-Repository. The e-repository provides EBA members with easily digestible recaps of relevant cyber regulations and can be accessed here.

The Euro Banking Association (EBA) released recommendations on data verification for corporate-to-bank KYC in low-risk situations. Issued as a follow-up on its EBA Common Baseline Classification Standard (CBCS) released in April 2022, this new publication proposes a harmonised approach to corporate data collection and verification in know-your-customer (KYC) processes.

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Download EBA CBCS – Data Verification for Corporate-to-Bank KYC in low-risk situations

Download EBA CBCS – Common Baseline Classification Standard for Corporate-to-Bank KYC in low-risk situations, version 2.0