German neobank N26, recognized for providing excessive profitability charges on its financial savings accounts, is going through a setback after reportedly submitting delayed reviews on cash laundering controls to the Federal Financial Supervisory Authority (BaFin). This has led to a considerable wonderful of 9.1 million euros for the fintech entity.
The BaFin imposed the wonderful on N26 for failing to doc suspicions of cash laundering throughout the required timeframe, regardless of the neobank’s efforts to forestall such actions. This will not be the primary time N26 has confronted such penalties, as lower than a 12 months in the past, they have been fined 4.3 million euros for comparable causes.
Despite these authorized challenges, N26 stays a well-liked neobank with over 1.5 million shoppers in Spain alone. The entity affords a variety of digital banking providers and has just lately expanded into the world of investments and cryptocurrency. With future plans on the horizon, N26 continues to be a number one fintech entity to observe.
This growth might impression N26’s status, however the neobank stays resilient in its pursuit of economic innovation and customer support.