Bank of Italy bans Germany's N26 bank from onboarding new clients

Wednesday 30 March 2022 13:12 CET | News

The Bank of Italy said has banned the local unit of online German bank N26 from taking on new customers after 2021 checks flagged money laundering risks.

Italy’s central bank said N26 was also prohibited from offering new products and services, such as crypto assets, to existing clients.

As the press release states, The Bank of Italy adopted such measures following inspections, conducted between October and 17 December 2021, which highlighted significant shortcomings in complying with anti-money laundering regulation.

N26 took measures to remedy such shortcoming, the central bank added in a note. However, as the Bank of Italy says, it reserves the right to assess the anomalies have been fully overcome, before considering revising the current decision.

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Keywords: central bank, money laundering, N26, crypto asset
Categories: Fraud & Financial Crime
Countries: Europe
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Fraud & Financial Crime

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