N26 Must Improve Money Laundering Safeguards

Germany’s financial regulator has ordered N26 that they need to “take appropriate internal safety measures” and “comply with general customer due diligence obligations.”; in addition, N26 must remove backlogs in IT monitoring and also make improvements to comply with anti-money laundering laws; according to a N26 spokeswoman the company is already working on fixing the issues and working with the regulator on deadlines; this isn’t the first time a challenger bank has faced regulatory scrutiny as Revolut recently had their own compliance issues; N26 plans to grow their team to over 1,500 by the end of the year. Source