The Bank of Italy said has banned the local unit of German digital-only bank N26 from taking on new customers after 2021 checks flagged money laundering risks. Italy’s central bank said N26 was also prohibited from offering new products and services, such as crypto assets, to existing clients.
„On 28 March 2022, pursuant to Article 7(2) of Legislative Decree 231/07 and Article 79(4) of the Consolidated Law on Banking (TUB), the Bank of Italy adopted a measure banning the Italian branch of N26 Bank from undertaking operations with new customers (through forging new business relationships or by engaging in any transaction whatsoever, including of an occasional nature, with those who were not already customers at that date) and from offering new products and services to existing customers (i.e. cryptoassets),” according to the press release
„The Bank of Italy adopted this measure following an on-site inspection conducted between 25 October and 17 December 2021, which revealed significant shortcomings in respect of anti-moneylaundering legislation. N26 Bank has taken a number of actions to remedy these shortcomings,” the central bank explains.
„The Bank of Italy intends to verify that all the anomalies detected have been addressed, also for the purpose of revising the measure.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
