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N26 showing significant deficiencies

German watchdog (BaFin), has ordered the online bank N26 to say up an effective compliance program.

Similar request were made in the past to Revolut and to other online identification services.

BaFin decided to request N26 to re-identify a number of already accepted customers.

As reported by the source, BaFin stated that “Furthermore N26 Bank GmbH has to ensure the existence of … adequate personnel and technical-organisational equipment in order to comply with its obligations under money laundering law,”

One reported case noted that a customer lost his money due to identity theft and was unable to connect with the bank or receive appropriate customer support.

Source

https://www.reuters.com/article/us-n26-money-laudnering/german-regulator-orders-online-bank-n26-to-step-up-controls-against-money-laundering-idUSKCN1SS1TX

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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