Germany’s financial supervisory authority issued a fine of 9.2 million euros (U.S. $9.6 million) against mobile bank N26 for “systematically” submitting late anti-money laundering (AML) reports in 2022.

Under German law, reports of transactions related to possible money laundering must be submitted to BaFin “immediately,” the German regulator announced in a translated press release Tuesday.

In July 2023, BaFin extended mandated supervision over N26 after ordering it in May 2021 to improve weak AML controls, with a subsequent $5 million penalty disclosed in September 2021.

In a statement, N26 said it “implemented numerous measures to further improve reporting processes” while investing more than €80 million (U.S. $86.6 million) in “personnel and technical infrastructure to maintain the highest industry standards in combating financial crime and money laundering.”

The digital bank said it services more than 8 million customers in 24 markets, processing more than €100 billion (U.S. $108.2 million) in transactions a year.