BERLIN, May 21 (Reuters) – Germany’s financial regulator has imposed a fine of 9.2 million euros ($10.00 million) on online bank N26 after finding that the bank had in 2022 systematically been late in filing reports of suspected money laundering, BaFin said on Tuesday.
Credit institutions are obliged to submit a report to the Financial Intelligence Unit if they suspect that a transaction could be related to money laundering or terrorist financing, the regulator said in a statement.
The reports must be submitted promptly so that the authorities can take action quickly if needed, it added.
In response to the fine, N26 said it had since 2022 implemented numerous measures to improve reporting processes and invested more than 80 million euros to comply with the highest standards in fighting financial crime and money laundering.
The bank has made more than sufficient provision for the fine, it said in a statement on its website.
Source: REUTER
