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IBAN use to be made mandatory in UAE

The UAE central bank has announced the use of International Bank Account (IBAN) numbers is to become mandatory for all account holders in the country, Gulf News has reported. "From November 19, customers will be required to use their IBAN to complete any local or international payment transactions. Additionally, the customer will need to ensure that their IBAN is used by the sender when they receive electronic payments, both locally and internationally," the apex lender said.