Vatican bank closed nearly 5,000 accounts
April 29, 2016
The Vatican bank, the Institute for Religious Works (IOR), has closed 4,800 accounts under new regulations, according to the annual report of the Financial Information Authority (AIF).
Under new regulations, designed to bring the IOR into compliance with international standards for banking institutions, the Vatican bank closed the accounts of clients who were not directly involved with Vatican or religious institutions. These accounts, the AIF noted, were "no longer in compliance with the Vatican regulatory framework."
The process of closing accounts was completed in October of last year, the AIF reported.
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