The German financial regulator, BaFin, has extended its measures aimed at preventing money laundering at the online bank N26. These measures were originally introduced in 2021 and include having a special monitor at the bank and a limit on new customer sign-ups at 50,000 per month. BaFin noted that while there had been “some progress,” N26 still had deficiencies in its systems.
N26, which boasts over 8 million customers and operates in 24 countries, stated that it has made significant investments in anti-money laundering measures and is committed to complying with all aspects of the order as quickly as possible.
In addition to the extension of existing measures, BaFin is requiring N26 to establish adequate IT monitoring, implement more robust quality assurance processes, and establish effective outsourcing controls. This heightened scrutiny reflects a broader trend of regulators closely monitoring fintech firms as they expand and operate in multiple jurisdictions.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}