Germany’s financial regulator BaFin has extended its measure in place with online bank N26 to combat money laundering, Reuters reports. The constraints against N26 – first adopted in 2021 – have now been extended to include a special monitor and a limit on new customers at 50,000 per month.
Last year, in March, Italy’s central bank blocked the online bank from taking new customers over AML risks.
According to N26, the bank has made “significant investments in anti-money laundering measures” and is “committed to comply with all aspects of the order as quickly as possible.”
BaFin admitted “some progress” as well, however, noted that “the institution still has deficiencies in its systems.” In mid-2021, N26 was fined approximately $5m by BaFin for AML-related issues.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
