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”
„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:
