Berlin The Berlin Internet bank N26 receives an expensive receipt for its deficiencies in money laundering prevention and has to pay a fine of millions to the financial supervisory authority Bafin. A fine of 4.25 million euros issued in June due to late reports of suspected money laundering had been paid, the financial institution announced on Tuesday evening.
There are fewer than 50 cases in 2019 and 2020. All the measures required by the Bafin to report suspicious activities in good time have been implemented. The Bafin itself has not yet commented and was initially unavailable. N26 has been in the sights of the authorities since 2019 for inadequate money laundering prevention.
The financial supervisory authority at N26 had already taken a closer look in May and appointed a special officer to monitor the improvement of internal processes and IT systems. Specifically, it is about correcting deficiencies in transaction monitoring and in the identification and verification of customers.
In this context, N26 admitted in May that criminal activities in online trading had increased since the beginning of the corona pandemic. Fraudsters manipulated third parties into opening new accounts in order to use them for fraudulent purposes, it said.
Top jobs of the day
Find the best jobs now and
be notified by email.
The company has now emphasized that it has taken numerous far-reaching measures and established structures and processes that meet the highest standards and at the same time set new standards in the industry. This means that the Internet bank will continue to be well positioned in the future against the criminal activity that continues to grow rapidly around the world.
The German insurance group Allianz, the state fund GIC from Singapore, the Chinese internet giant Tencent, Earlybird and the German-American investor Peter Thiel are among those involved in N26. Founded in 2013, the company has raised $ 570 million from investors to date and is valued at $ 3.6 billion. According to insiders, N26 has been negotiating with investors for another large injection of money for months.
More: Smartphone bank N26 loses its head of Germany