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German watchdog BaFin orders N26 to pay $5 million fine By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: This illustration shows the N26 logo. It was taken Jan 6, 2020. REUTERS/Dado Ruvic/Illustration

FRANKFURT (Reuters) – German financial regulator BaFin ordered online bank N26 to pay 4.25 million euros ($4.98 million) for delayed reports of suspicious activity in 2019 and 2020 in the area of anti-money laundering, the bank said in a statement.

N26 stated that the entire fine had been paid on July 14 and all associated proceedings were closed. N26 stated that the case was related to less than 50 activity reports and said BaFin would soon publish the fine.

The group stated that N26 took its responsibility for the global fight against financial crime and the prevention of money laundering very seriously.

BaFin in May ordered N26’s implementation of internal controls and safeguards against money laundering and financing terrorists.

BaFin ordered N26’s internal controls and safeguards to be in place after earlier sources claimed this year that the watchdog had expanded its surveillance of N26. The decision was made following tighter control measures by the watchdog, which follows last year’s collapse at Wirecard.

($1 = 0.8537 euros)

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