German financial regulator BaFin has ordered mobile bank N26 to fix problems with its IT monitoring and customer due diligence to prevent money laundering and terrorist financing.
N26 has also been told to ensure that it has the adequate personnel, technical and organisational resources to comply with its obligations under anti-money laundering law.
The order comes two years after BaFin first reprimanded N26 for lax anti-money laundering controls.
It also comes as BaFin tightens up oversight in the wake of the Wirecard scandal, which cost the regulator’s head, Felix Hufeld, his job.
N26 says that online criminal activity has soared around the world since the start of the Covid-19 pandemic and that it is working closely with the appointed commissioner.
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Source: https://www.finextra.com/newsarticle/38043/n26-faces-bafin-scrutiny-over-money-laundering-failures?utm_medium=rssfinextra&utm_source=finextrafeed