Italian financial supervisory authority apparently restricts new customer business at N26

After the decision on a Europe-wide new customer limit, Neobank has to cope with another setback

Neobank N26 suffered a major setback in the fall of 2021: The German Bafin had imposed a new customer limit on the fintech - across Europe. The start-up is now only allowed to accept 50,000 new customers per month.

Now there is another hurdle: The Italian financial supervisory authority has apparently banned N26 from accepting new customers, as the website Finance Forward reports. According to the report, Italy is already listed in the "Markets closed" section of the N26 support website.

There is now a waiting list for Italians. You will receive the following message: "Thank you for your interest and trust in N26. We are currently improving our experience and need to ask for your patience. Please join our waiting list and we will get back to you soon to welcome you".

According to the media report, N26 has already confirmed the order. The authority is demanding improvements in the area of anti-money laundering for the Italian market. However, the complaints have already been addressed to a large extent and the company is working with the regulatory authority to implement improvements in a timely manner.