fincrimeagency@protonmail.com

@onmanagement

German Financial Regulator Slaps N26 with €9.2 Million Fine for Failure to Report Money Laundering Activities on Time

Germany's financial watchdog, the Federal Financial Supervisory Authority (BaFin), has dealt a heavy blow to online bank N26, imposing a fine of €9.2 million ($10 million) for its consistent delays in reporting suspicious money laundering activities in 2022. This significant penalty serves as a stark reminder of the strict regulatory oversight faced by financial institutions in upholding anti-money laundering (AML) laws. N26's repeated failure to promptly submit reports to the country's Financial Intelligence Unit (FIU) has raised concerns over its compliance with AML regulations.