The German financial regulatory authority, BaFin, has identified deficiencies in Raisin Bank’s anti-money laundering (AML) measures, including risk analysis, customer risk evaluation, and IT monitoring.
BaFin has ordered Raisin to address the issues that have a significant impact on preventing money laundering and financial crime. Raisin Bank, owned by the German deposit platform Raisin, has confirmed its cooperation with BaFin and the resolution of issues identified in its 2024 audit. Both institutions are working to address the identified gaps and ensure compliance with the necessary regulations.
Action plan required
On December 18, 2023, the supervisory authority ordered the removal of the deficiencies. The order has been final since 17 April 2025. Raisin Bank AG was required to submit a written action plan to BaFin and report on the correction of the noted deficiencies.
Raisin Bank is backed by investors such as Goldman Sachs, Deutsche Bank, and PayPal. Despite recent regulatory findings, officials emphasise that the bank is committed to optimising its AML measures and ensuring compliance with all relevant financial regulations.
In a statement for Cash., bank representatives clarified that the BaFin order refers to identified deficiencies in money laundering prevention found during the annual audits of 2021 and 2022. They added that Raisin Bank's internal audit department and the external auditing firm have confirmed that these deficiencies have been addressed.
Regulatory context
The order from BaFin is part of a broader regulatory initiative to optimise the financial sector’s resilience against money laundering and financial crime. BaFin has been actively involved in developing and implementing the DORA Regulation, which outlines the documentation requirements for companies in the financial sector. This regulation aims to ensure transparency and accountability in financial transactions.
In March 2025, BaFin fined Deutsche Bank EUR 23 million for regulatory breaches. This fine included EUR 14.8 million for derivatives sales violations in Spain related to events in 2021, EUR 4.6 million for telephone recording failures, and EUR 3.65 million for breaches of the account switching service.
