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German Regulator Extends Anti-Money Laundering Measures for N26 Online Bank

Money LaunderingGerman Regulator Extends Anti-Money Laundering Measures for N26 Online Bank

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

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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