The Federal Financial Supervisory Authority (BaFin) of Germany has ordered N26 Bank GmbH to put in place appropriate AML/CFT internal controls and comply with all due diligence requirements.
Specifically, BaFin has ordered N26 Bank GmbH to address its deficiencies in IT monitoring and customer due diligence. N26 Bank GmbH must also ensure adequate personnel, technical and organisational resources to comply with all AML/CFT requirements. BaFin has set a deadline for N26 Bank GmbH to implement these measures.
BaFin has also appointed a special commissioner to monitor the implementation of this order as well as the bank’s progress in addressing its other deficiencies. The special commissioner will report to BaFin, providing all relevant updates to the authority.
Source: Federal Financial Supervisory Authority (BaFin), Germany