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N26 Fined €9.2 Million For Late Money Laundering Reports

N26 logo sign of the German neobank

Online bank N26 has been fined €9.2 million by the banking regulator Bafin for late reporting suspected money laundering cases in 2022. 

Bafin found that N26 "systematically submitted suspected money laundering reports late" last year.

The fine, legally binding, underscores the requirement for credit institutions to report any suspicions of transactions linked to money laundering or terrorist financing to the Financial Intelligence Unit (FIU) promptly.

This isn't the first time N26 has faced penalties. 

In 2021, Bafin fined the Berlin-based digital bank, which operates in 24 European countries and employs around 1,500 people, €4.25 million for similar late reporting issues. 

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At that time, Bafin appointed a special representative to ensure N26 complied with anti-money laundering regulations.

N26 has since made efforts to improve its compliance processes. 

The company said it has implemented numerous measures to enhance its reporting processes since 2022. 

The startup said: "N26 has invested more than 80 million euros in human and technical infrastructure to meet the highest industry standards in combating financial crime and money laundering more effectively.”

N26 also reiterated its commitment to ongoing cooperation with regulatory authorities.

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