Business

German watchdog BaFin orders N26 to pay $5 million fine By Reuters



© Reuters. FILE PHOTO: A N26 emblem is seen on this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration

FRANKFURT (Reuters) – German monetary regulator BaFin ordered on-line financial institution N26 to pay 4.25 million euros ($4.98 million) for delayed reviews of suspicious exercise in 2019 and 2020 within the space of anti-money laundering, the financial institution stated in a press release.

N26 stated the nice was paid in full on July 14, including all associated proceedings have been closed. The financial institution stated the case associated to fewer than 50 exercise reviews, including that BaFin would make the nice public shortly.

“N26 takes its accountability within the battle in opposition to the rising risk of world monetary crime, and within the prevention of cash laundering, very critically,” the group stated.

In Might, N26 was ordered by BaFin to place in place inner controls and safeguards to stop cash laundering and terrorist financing.

The transfer got here after sources earlier this yr stated that BaFin had prolonged its oversight of N26 to cowl the entire firm, because the watchdog tightens controls following final yr’s collapse of funds agency Wirecard.

($1 = 0.8537 euros)

Disclaimer: Fusion Media want to remind you that the info contained on this web site just isn’t essentially real-time nor correct. All CFDs (shares, indexes, futures) and Foreign exchange costs aren’t offered by exchanges however slightly by market makers, and so costs might not be correct and will differ from the precise market value, that means costs are indicative and never applicable for buying and selling functions. Subsequently Fusion Media doesn`t bear any accountability for any buying and selling losses you would possibly incur on account of utilizing this knowledge.

Fusion Media or anybody concerned with Fusion Media won’t settle for any legal responsibility for loss or harm on account of reliance on the knowledge together with knowledge, quotes, charts and purchase/promote indicators contained inside this web site. Please be totally knowledgeable concerning the dangers and prices related to buying and selling the monetary markets, it is among the riskiest funding types attainable.





Source link

news7h

News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button
Immediate Peak