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.

BaFin recently fined N26 9.2 million euros (then-U.S. $9.6 million) for “systematically” submitting late suspected money laundering reports in 2022.

In July 2023, BaFin extended mandated supervision over N26 after ordering it in May 2021 to improve weak AML controls.

“We are pleased about the trust of our regulators and will continue our close exchange in the future,” said N26 Chief Executive Valentin Stalf in the release. “In recent years, we have been able to make significant progress in preventing and combating money laundering and financial crime.”

The bank said it has invested more than €100 million (U.S. $108 million) in the past two years in compliance and its infrastructure and teams to “effectively combat money laundering and financial crime, as it prepared to onboard a higher number of new customers.” The new systems will “analyze the fraud potential of individual customers” and include real-time monitoring of transactions for potential fraud.