Germany’s market regulator has ordered mobile bank N26 to improve its anti-money laundering (AML) controls, taking the unusual move to appoint a “special commissioner” to monitor its progress.

BaFin on Tuesday mandated the challenger bank to fix problems with its IT monitoring and customer due diligence to prevent money laundering and terrorist financing. The regulator warned N26 must implement appropriate internal controls and other safeguards within an unspecified set timeframe.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...