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)
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