German financial regulator BaFin has ordered online bank N26 to pay 4.25 million euros for lax money laundering controls.
The fine was imposed because of the delayed submission of less than 50 suspicious activity reports in the area of anti-money laundering, relating exclusively to the years 2019 and 2020.
The fine was already paid in full by N26 Bank GmbH on July 14, 2021 and all related proceedings have been closed. All measures to improve reports of suspicious activities have been implemented earlier this year.
In a statement, N26 said that it takes its ”responsibility in the fight against the growing threat of global financial crime, and in the prevention of money laundering, very seriously.”
”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.”
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