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  • Security
  • Germany

In brief: N26 sanctioned for AML controls failure

German financial watchdog BaFin has publicly blamed online bank N26 for weak anti-money laundering controls and fined it €4.25 million.

In May, BaFin committed the neo-bank to "remedy deficiencies in IT monitoring and customer due diligence" and to "ensure that it has adequate staff and technical and organizational resources to comply with its obligations under the Money Laundering Act." The regulator even installed a special supervisor to monitor the bank.

The €4.25 million fine was paid in July but was only made public by the regulator on Wednesday. N26 said in a statement that it was related to the late filing of nearly 50 suspicious activity reports in 2019 and 2020.

N26 said it has taken "numerous detailed steps" to strengthen its financial crime controls.