Services allowing businesses to create and manage multiple virtual accounts under a single primary account, improving cash management, reconciliation, and financial visibility without the need to open separate bank accounts.
Main/
Virtual Account Services
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Code
PS0117
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Name
Virtual Account Services
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Version
1.0
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Category
Deposit & Account Services
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Created
2025-03-14
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Modified
2025-04-02
Related Techniques
- Criminals can generate multiple virtual IBAN-like references under a single underlying account, creating the illusion of distinct beneficiaries while ultimately funneling funds into one real account.
- The normal IBAN-style format deceives financial institutions, hampering beneficial ownership checks and complicating transaction monitoring.
- Lighter KYC or reduced oversight for these virtual references allows rapid creation and termination, adding extra layers to obscure the true origin of funds.
- Provide multiple sub-accounts under a single master account, simulating opaque corporate structures.
- Facilitate fictitious digital transactions that mask the origin of funds by quickly shifting them among virtual sub-accounts.