May 22 2019
Germany’s financial regulator has ordered N26 — one of the continent’s most valuable fintechs — to strengthen its anti-money laundering practices after raising a number of concerns about the fast-growing bank.
N26 must hire more staff, improve the way it documents its compliance processes, rerun checks on some existing customers and eliminate backlogs in its transaction monitoring, according to an order published by the Federal Financial Supervisory Authority — BaFin — on Wednesday.
N26, which was valued at $2.7bn in a $300m fundraising earlier this year, said it had already taken several measures to address the regulator’s concerns, and was confident of meeting BaFin’s deadline.