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German regulator BaFin has fined N26 €9.2 million for anti-money laundering failures

23 mai 2024

BaFin has imposed the fine after concluding that in 2022 N26 systematically submitted suspected money laundering reports late, according to Finextra.

In 2021, BaFin fined the bank €4.25 million and then imposed a temporary cap on the number of new customers the lender was allowed to onboard each month. The limit – set at 50,000 new customers a month – remains in place and has been augmented with an audit presence at the bank to monitor progress.

However, Germany’s financial regulator is considering lifting a cap on the number of new clients that N26 Bank AG can take on after the fintech improved its anti-money laundering controls, according to Bloomberg.

In a statement, N26 says that, since 2022 it has implemented „numerous measures to further improve reporting processes, while investing over €80 million in personnel and technical infrastructure to maintain the highest industry standards in combating financial crime and money laundering”.

„The company already set aside provisions for a potential fine in its 2022 annual financial statements, and the current fine is less than the provision set aside.” – N26 added.

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N26 AG is Europe’s leading digital bank with a full German banking licence. Built on the latest technology, N26’s mobile banking experience makes managing money easier, more secure and customer friendly. To date, it has welcomed more than 8 million customers in 24 markets, and processes over 100bn EUR in transactions a year. N26 is headquartered in Berlin with offices in multiple cities across Europe, including Vienna and Barcelona, and a 1,500-strong team of more than 80 nationalities. Founded by Valentin Stalf and Maximilian Tayenthal in 2013, N26 has raised close to US$ 1.8 billion from some of the world’s most renowned investors.

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Anders Olofsson – former Head of Payments Finastra

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:

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?