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.
