LATEST: N26 may be prohibited from accepting new customers as bank struggles with substandard customer due diligence - AML Intelligence
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LATEST: N26 may be prohibited from accepting new customers as bank struggles with substandard customer due diligence

Image: N26

By Dan Byrne & Elizabeth Hearst for AMLi

German digital bank, N26, may be prevented from accepting new customers, as Germany’s financial supervisory authority BaFin’s patience wears thin on the company’s AML safeguards. 

It’s believed that the watchdog may prevent N26 from accepting new customers, as it believes the bank is not taking “decisive enough action against money laundering”, according to local news channel n-tv. 

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