French banks to enforce name-checks on transfers

From 9th October, all French banks and payment institutions will be required to verify that the name of a payment recipient matches the IBAN provided before authorising a transfer. The move forms part of new EU legislation aimed at reducing fraud and operational errors across the Single Euro Payments Area.

The new rule, known as Verification of Payee, is part of the EU’s Instant Payments Regulation. It obliges banks to check whether the name entered by the payer matches the official name associated with the beneficiary’s account number. If the details do not match, a warning will be issued to the sender. Transfers may still proceed in some cases, but at the customer’s risk.

This verification mechanism has already been adopted in countries such as the United Kingdom and the Netherlands, where it has been shown to reduce incidents of fraud and misdirected payments. Its implementation in France marks a significant shift in standard banking practices.

Implications for account holders

Private individuals will need to ensure that names are entered exactly as registered with the recipient’s bank, including correct spelling and legal formats. For businesses, the requirement to use full legal entity names will be particularly important, as discrepancies may lead to delays or failed payments.

Although the change primarily targets fraudulent activity, it is also expected to reduce administrative burdens caused by incorrect or incomplete payment details.

A broader EU financial reform

The French Banking Federation has confirmed that all French banks must comply with the new regulation by the 9th October deadline. The rule applies to both standard and instant SEPA credit transfers and is part of a broader push to improve the safety and reliability of real-time payments across the eurozone.

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Monaco Private Label hosts strategic dinner during Monaco Yacht Show

A high-level networking dinner was held in Monaco last week as part of efforts by the Principality to strengthen international business ties during the Monaco Yacht Show.

Organised by the Monaco Private Label (MPL) under the Minister of State’s Attractiveness delegation, the event brought together over 150 business leaders, investors, and entrepreneurs from 40 countries. It took place during the annual yacht show, one of the most prominent events in Monaco’s luxury calendar.

Focus on economic diplomacy

Officials say the event was designed to support Monaco’s long-term strategy of economic diplomacy, by building a trusted global network of individuals aligned with the Principality’s values of sustainability, innovation, and excellence.

Speaking at the event, Ludmilla Raconnat Le Goff, Delegate for Attractiveness, said the strength of the network lies in its ability to quietly build trust and long-term collaboration.

“Our mission is to strengthen this community, transform these trusted connections into sustainable contributions for Monaco, and amplify the Principality’s global reach,” she said.

Chloé Boscagli, who heads the Monaco Private Label, said the initiative continues to grow, with a 25% increase in membership this year.

Yacht Show draws global attention

The Monaco Yacht Show, which took place from 25 to 28 September, welcomed over 30,000 visitors and showcased 120 superyachts, including more than 60 global debuts. The fleet, estimated to be worth more than €4.5 billion, drew interest from prospective buyers and industry leaders across the luxury and maritime sectors.

Officials say the event continues to underline the economic importance of the yachting industry to Monaco, both as a symbol of craftsmanship and as a driver of international investment.

The Principality has increasingly positioned itself as a hub for sustainable development and finance, with Monaco Private Label acting as a bridge between the government and key international figures.

See also: 

Ludmilla Raconnat Le Goff to lead Monaco’s attractiveness strategy

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Photo source: Government Communications Department