Anti-Financial Crime & Financial Crime Compliance
Regulatory Intelligence Leadership | Insight | Network

AML, Banking, Compliance, EU, Tech

NEWS: Fresh blow for N26 as German watchdog prolongs 50K cap on monthly customers over AML concerns

German financial regulator BaFin today (Monday) said it had extended its measures in place with online bank N26 to prevent money laundering, the latest episode of stepped-up scrutiny of one of Europe’s most valuable fintechs.

Constraints since 2021 that have now been extended include a special monitor at the bank and a limit on new customers at 50,000 per month.

BaFin said that despite “some progress, the institution still has deficiencies in its systems”.

N26 said that it has made “made significant investments in anti-money laundering measures” and is “committed to comply with all aspects of the order as quickly as possible”.

N26, which reports more than 8 million customers, says it does business in 24 countries, mainly in Europe.

Bafin said it was also requiring of N26 the establishment of adequate IT monitoring, stepped up quality assurance and the establishment of effective outsourcing controls.

AML Intelligence
We hope you enjoyed reading this article

If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!