BaFin orders N26 to prevent money laundering and terrorist financing

Thursday 13 May 2021 09:15 CET | News

Germany-based financial authority BaFin has ordered N26 to implement appropriate internal controls and safeguards and comply with general due diligence requirements to prevent money laundering and terrorist financing.

A special commissioner is being appointed to monitor the implementation of this order and the company’s progress in resolving other shortcomings identified. More specifically, BaFin ordered N26 to rectify deficiencies both in IT monitoring and in customer due diligence. In addition, N26 Bank is required to ensure that it has the adequate personnel, technical, and organisational resources to comply with its obligations under anti-money laundering law.

These measures must each be implemented within a set period. In order to monitor the implementation of the measures, BaFin is appointing a special commissioner who is to provide BaFin with ongoing updates regarding the progress of the implementation. The notice has been final and binding since 11 May 2021, according to the official press release.

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Keywords: BaFin, N26, AML, CFT
Categories: Banking & Fintech
Countries: Germany
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Banking & Fintech

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