Frankfurt, Düsseldorf Setback for Germany’s best-known smartphone bank N26: The financial supervisory authority Bafin is considering restricting the new business of the rapidly growing Berlin start-up, as several people familiar with the topic confirmed to the Handelsblatt.
The authority is disgruntled that N26 has still not remedied serious deficiencies in the organization or in the fight against money laundering and other illegal transactions. “The bank supervisors have lost patience,” said one observer.
The Bafin did not want to comment on the information. An N26 spokesman said the institute could not comment on “details of our cooperation with regulators”. “But we are in regular contact on all important topics and work closely with the supervisory authorities.” It was recently revealed that criminals could have used numerous N26 accounts for fraudulent purposes.
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