Germany digital bank N26 has been issued a €4.5m fine from the Federal Financial Supervisory Authority (BaFin) for its delay in submitting reports around AML.
The German regulator allegedly issued the financial penalty due to N26 had a delayed submission of less than 50 suspicious activity reports related to AML between 2019 and 2020.
N26 paid the fine in July 2021 and all proceedings have been closed. The digital bank also stated it has improved its processes around reporting suspicious activities.
In a post detailing the fine, N26 said, “N26 takes its responsibility in the fight against the growing threat of global financial crime, and in the prevention of money laundering, very seriously.
“With the growing importance of e-commerce, we have taken numerous detailed measures and have also established structures and processes that meet the highest standards of financial crime prevention to address this pertinent global threat.”
The company said it would continue to invest in maintaining and improving these standards, as well as work closely with regulatory, financial and investigating authorities.
Copyright © 2021 FinTech Global
Copyright © 2018 RegTech Analyst
