Germany’s market regulator announced the extension of mandates it ordered at mobile bank N26 in 2021 to require the bank to address observed weaknesses in its anti-money laundering (AML) controls.
BaFin acknowledged Monday that N26 has made progress but “still has deficiencies” it must resolve. The extension applies to a May 2021 order that appointed a special commissioner to monitor the bank’s implementation efforts to resolve shortcomings identified regarding information technology monitoring and customer due diligence.
