German regulator extends AML order at N26

N26 office

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.

N26 was also told to ensure it has adequate personnel, technical, and organizational resources to comply with its obligations under AML law.

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