New Banking Requirements

Published 07/12/2007, 08:00 PM
Updated 03/09/2019, 08:30 AM

The European banking requirements changed from 01.01.2007 and the banks are now starting to enforce these requirements. They are as follows:

In order to pay any money into a European bank account, the IBAN number and SWIFT code are required. If these numbers are not provided, the beneficiary banks will not accept the funds and they will be returned to the sender. An account number is no longer acceptable.

For MIG's clients, this means that when sending funds to MIG, you need to provide IBAN number and SWIFT code; otherwise the bank will return your funds. When we wire funds to clients with European bank accounts, we also need to communicate the client’s IBAN number and SWIFT code. Clients are therefore urged to specify the IBAN number and SWIFT code on the Funds Withdrawal Request form when requesting a withdrawal to be wired to a European bank account, as we will otherwise not be able to process the request.

The new Funds Withdrawal Request form can be accessed here.

These new requirements do not concern clients with non-European bank accounts.

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