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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-05-29T20:31:00
German financial regulatory authority BaFin lifted growth restrictions on N26, after the digital bank made improvements to its anti-money laundering (AML) program.
N26 said in a press release Monday that BaFin will lift the restrictions as of Saturday. The regulator previously capped the number of new customers the bank could onboard each month at 60,000.
“The news follows a period of close exchange between N26 and the regulator to combat financial crime and money laundering, which will continue even after the growth restriction ends,” the bank said.
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News and analysis for the well-informed compliance or audit exec.
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2024-05-22T18:31:00Z By Aaron Nicodemus
Germany’s financial supervisory authority issued a fine of €9.2 million euros against mobile bank N26 for “systematically” submitting late anti-money laundering reports.
2024-04-23T15:57:00Z By Jeff Dale
Germany’s financial supervisory authority issued total fines of €1.45 million (U.S. $1.6 million) against Commerzbank AG to settle allegations of inadequate monitoring and anti-money laundering controls.
2023-07-20T14:30:00Z By Kyle Brasseur
Germany’s market regulator BaFin announced the extension of mandates it ordered at mobile bank N26 in 2021 to require the bank to address observed weaknesses in its anti-money laundering controls.
2024-07-01T15:58:00Z By Aaron Nicodemus
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
2024-06-10T09:43:00Z By Kyle Brasseur
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
2024-06-06T13:52:00Z By Ruth Prickett
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
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