Mobile bank N26 revealed this week it paid a €4.25 million (U.S. $5 million) fine ordered by Germany’s market regulator regarding deficiencies in its reporting of suspicious activities “in the area of anti-money laundering.”

The fine was issued in June and paid in July, according to N26, which added the regulator, BaFin, will soon be publishing notice of the enforcement. “All related proceedings have been closed,” the bank said.

In May, BaFin publicly ordered N26 to improve its AML controls, taking the unusual move to appoint a “special commissioner” to monitor its progress. Specific areas identified as deficient included IT monitoring and customer due diligence to prevent money laundering and terrorist financing.

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

The bank’s recent fine was the result of its delayed submission of “less than 50 suspicious activity reports” in 2019 and 2020. “All measures to improve reports of suspicious activities have been implemented earlier this year,” N26 added in its press release Tuesday.

“N26 takes its responsibility in the fight against the growing threat of global financial crime, and in the prevention of money laundering, very seriously,” the bank stated. “With the growing importance of e-commerce, we have taken numerous detailed measures and have also established structures and processes that meet the highest standards of financial crime prevention to address this pertinent global threat.”