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N26 fined €9.2m by BaFin over late submission of suspected money laundering reports in 2022 | Fintech InShorts: Latest fintech news, analysis by experts

N26 fined €9.2m by BaFin over late submission of suspected money laundering reports in 2022

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N26 fined €9.2m by BaFin over late submission of suspected money laundering reports in 2022

May 30, 2024

N26 Fined and Regulatory Updates:

Fine Imposed:

Amount: €9.2 million
Reason: Systematic late submission of suspected money laundering reports in 2022
Regulator: Federal Financial Supervisory Authority (BaFin)
Violation: Act on the Detection of Profits from Serious Crimes, requiring immediate reporting of suspicious transactions

N26 Response:

Measures Taken:
- Implemented improvements in reporting processes since 2022
- Invested €80 million into personnel and technical infrastructure to combat financial crime and money laundering
Financial Provisions:
- Provisions for the fine were set aside in 2022 annual financial statements, with the fine being less than the provision

Regulatory History:

Previous Fine: €4.25 million in 2021 for delayed SAR responses in 2019 and 2020
Customer Onboarding Restriction:
- Initially capped at 50,000 new customers per month
- Loosened to 60,000 customers per month last year
- Fully lifted effective 1 June 2024

Comments and Future Plans:

Continued Collaboration: N26 will maintain close collaboration with BaFin on related topics, with the exchange with the special representative continuing until the end of 2024
CEO Statement: Maximilian Tayenthal, co-CEO and COO, highlighted N26’s use of modern, intelligence-based technology to detect and combat fraud and money laundering in real time, aiming to lead in this area among European banks

Key Points:

BaFin’s Fine: €9.2 million for late money laundering reports
Investment: €80 million to improve anti-money laundering processes
Growth Restriction Lifted: Effective 1 June 2024, allowing unlimited customer onboarding
Ongoing Collaboration: Continued efforts to meet regulatory standards and enhance financial crime detection capabilities

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