The “N26” electronic bank in Germany has been fined more than 4 million euros
Berlin - (dpa) - The financial supervision authorities in Germany imposed a fine of 4.25 million euros on the “N26” bank, which provides its banking services via the Internet only, for failing to report possible cases of money laundering.
Baffin, the financial watchdog, accused the bank of not investigating suspected cases decisively enough.
The bank admitted today, Wednesday, that it had submitted “less than 50 reports of suspected money laundering cases” to the Financial Supervisory Authority late than scheduled in 2019 and 2020.
