As of January 1, banks in the UAE have starting insisting on the use of IBAN (International Bank Account Numbers) and BIC (Bank Identifier Codes) for all money transfers to EU states and European Economic Area (EEA), Khaleej Times reported.
The European Payment Council (EPC) regulations impose on all UAE banks to specify IBAN and BIC in all their transfers. As such it will affect the payment traffic that the UAE-based banks route via their correspondent banks in the European Economic Area. It should be mentioned that leading UAE banks have already published circulars to their all branches regarding the issue.
