N26 gets BaFin special representative at its side

Neobank will be assigned a special representative. The supervisory authority is also demanding better internal security measures.

The German Federal Financial Supervisory Authority (BaFin) has called on N26 to take stronger measures to combat money laundering and terrorist financing. In a statement, it says: "Specifically, N26 Bank GmbH is ordered to eliminate deficits both in IT monitoring and in the identification and verification of customers." In addition, the bank is to take "appropriate" personnel and organizational measures to comply with the existing regulations. To monitor the measures, BaFin has appointed a special representative to assist the bank. N26 has officially been a financial holding company since March of this year. This means that BaFin can monitor the entire group of companies.

N26 writes in a press release that it has already done a lot to prevent money laundering in the past. "Nevertheless, we recognize that more needs to be done in this area. N26 is committed to implementing all of the aforementioned requirements." According to the statement, the new regulations have no impact on customers. N26 intends to work closely with the special representative.