8.6 C
New York
Tuesday, April 16, 2024
Home Uncategorized N26 fined 4.25 million euros for money laundering

N26 fined 4.25 million euros for money laundering

The German challenger N26 was ordered to pay a fine of 4.25 million euros by the German financial regulator BaFin.

Read also: Starling set to offer Banking as a Service across Europe

Bafin announced that the bank had received a corresponding fine on June 25.

N26 stated that the reason for the fine was almost 50 late money laundering reports from 2019 and 2020. The fine has been paid and the measures required by the Bafin have been implemented.

N26 has been in the sights of the German authorities for a few years now. It had been the subject of a first call to order in May 2019. N26 has grown rapidly in recent years and already has seven million customers.

“N26 takes its responsibility in the fight against the growing threat of global financial crime, and in the prevention of money laundering, very seriously,” the bank stated.

“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 bank is now eyeing an initial public offering thanks to which the company’s valuation would reach approximately USD 10 billion. 

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.