N26 founder Valentin Stalf
image desk / HANS KLAUS TECHT / APA / picturedesk.com | HANS KLAUS TECHT
- The Federal Financial Supervisory Authority (BaFin) imposed a high-quality of 9.2 million euros on N26 on Tuesday.
- BaFin discovered that the establishment submitted experiences suspected of cash laundering in late 2022.
- An organization spokesperson says of the high-quality: “Since 2022, N26 has carried out quite a few measures to enhance reporting processes and invested greater than 80 million euros in personnel and technical infrastructure.”
The Federal Financial Supervisory Authority (BaFin) imposed a high-quality of 9.2 million euros on N26 on Tuesday. Reason: BaFin found that the establishment submitted experiences suspected of cash laundering in late 2022. A penalty discover is legally binding.
Credit establishments are obliged to report back to the Financial Intelligence Unit (FIU) if they believe that transactions or different enterprise transactions could also be linked to cash laundering or terrorist financing. These experiences of suspicious exercise ought to be despatched instantly. This permits the FIU to rapidly take additional motion, if obligatory, equivalent to referring it to regulation enforcement authorities.
N26 has already responded to the punishment with a press launch. It says: “Since 2022, N26 has carried out quite a few measures to enhance reporting processes and invested greater than 80 million euros in personnel and technical infrastructure to adjust to the best requirements within the business within the efficient battle towards monetary crime and cash laundering.”
The assertion continues: “The firm has already made the identical circumstances in relation to the 2022 high-quality, the high-quality imposed is lower than the high-quality quantity. N26 continues its shut cooperation and belief with the regulatory authorities.”