German Regulator BaFin Orders N26 To Strengthen Anti-Money Laundering Measures

by | May 13, 2021

BaFin has ordered N26 to rectify deficiencies both in IT monitoring and in customer due diligence. In addition, N26 is required to ensure that it has the adequate personnel, technical and organisational resources to comply with its obligations under anti-money laundering law.

In order to monitor the implementation of the measures, BaFin has appointed a special commissioner to provide the regulator with ongoing updates regarding the progress of the implementation.

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