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BaFin, the German financial regulator, stated on July 17th, that it was extending its measures to prevent money laundering with online bank N26, the latest instance of the company stepping up its scrutiny of one of Europe’s most valuable fintechs.
According to a statement released on July 17th, Monday, by German financial regulator BaFin, it has extended measures it has put in place with online bank N26 pertaining to money laundering, in the latest instance in which one of the most valuable fintech companies in Europe is being scrutinised more closely. It was announced in 2021 that the restrictions had been extended, which were initially set at 50,000 new customers a month but have now been increased to 150,000. BaFin said that despite “some progress, the institution still has deficiencies in its systems.”
N26 said that it had “made significant investments in anti-money laundering measures and is committed to comply with all aspects of the order as quickly as possible.”
It is estimated that N26 has more than 8 million customers, originating from 24 different countries, mostly in Europe, where it does business. As a result, Bafin has also been requiring that N26 introduce appropriate IT monitoring systems, a stepped-up quality assurance program, and effective outsourcing controls in order to comply with its requirements.