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German financial adviser BaFin publicly criticized the online bank N26 for its counterfeit spending and fined € 4.25m to a fast-growing lender.
BaFin has already ordered that business, one of Europe’s most valuable assets, be encouraged to avoid recurring investments. from 2019. Changing this May, BaFin re-posted the special supervisor bank supervision.
€ 4.25m was released in July but was only announced publicly on Wednesday. The N26 said in a statement that it was concerned about the late filtering of about 50 suspicious reports in 2019 and 2020.
The fine comes one day from Germany’s largest bank, ING Germany, was reprimanded in court by a BaFin representative for his slow response to a customer’s suspicious sale, which later agreed to a massive sale.
The N26, which earlier this year announced its registration work, was worth $ 3.5bn around money in 2020. Founded in 2013 and raised about € 800m from investors including Tencent, Allianz X and Peter Thiel. It says it has more than 7m customers in 25 countries.
The bank said in a statement that it had already resolved the problems facing BaFin fines. “All measures to address suspicious reports have been completed earlier this year,” N26 said, adding that it takes “its role in tackling the growing global financial crisis, as well as in preventing serious money laundering.”
In May, BaFin urged the lender to “correct shortcomings in IT monitoring and customer engagement” and to “ensure that it has the right personnel, skills and organizations to adhere to its obligations under the anti-money laundering law”.
The N26 said it had taken “several steps” to strengthen its anti-crime measures.