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The German financial regulator, BaFin, announced on Monday the extension of its measures aimed at preventing money laundering at online bank N26. This move reflects the ongoing heightened scrutiny faced by one of Europe’s most valuable fintech companies.
The existing constraints, which were implemented in 2021 and will now continue, include the appointment of a special monitor at the bank and a monthly limit on new customer registrations set at 50,000.
BaFin stated that despite some progress, N26 still exhibits deficiencies in its systems that require remediation.
In response, N26 highlighted its significant investments in anti-money laundering measures and expressed its commitment to promptly address all aspects of the order.
With over 8 million customers, N26 operates in 24 countries, primarily in Europe.
In addition to the aforementioned measures, BaFin also mandated that N26 establish adequate IT monitoring, enhance quality assurance procedures, and implement effective controls for outsourcing activities.
As regulators strengthen their oversight, N26 will continue to work towards meeting regulatory requirements and upholding robust anti-money laundering practices.
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