German Regulator Fines N26 Bank €9.2m

Germany’s financial regulator has levied a fine of 9.2 million euros ($10.00 million) on online bank N26 for systematically delaying the filing of reports on suspected money laundering in 2022, BaFin announced on Tuesday.

According to BaFin, credit institutions are required to submit a report to the Financial Intelligence Unit promptly if they suspect a transaction could be linked to money laundering or terrorist financing.

The regulator emphasised that timely submission of these reports is crucial for authorities to take swift action when necessary.

In response to the fine, N26 stated that since 2022, it has implemented numerous measures to enhance reporting processes and has invested over 80 million euros to adhere to the highest standards in combating financial crime and money laundering.

The bank asserted that it has adequately provisioned for the fine, as mentioned in a statement on its website.

“N26 continues its close and cooperative relationship with supervisory authorities,” the statement affirmed.