Erscheinung:12.05.2021 | Topic Measures, Anti-money laundering N26 Bank GmbH: Order to prevent money laundering and terrorist financing; appointment of a special commissioner
On 11 May 2021, in order to prevent money laundering and terrorist financing, BaFin ordered N26 Bank GmbH to implement appropriate internal controls and safeguards and comply with general due diligence requirements. A special commissioner is being appointed to monitor the implementation of this order and the company’s progress in resolving other shortcomings identified.
More specifically, BaFin ordered N26 Bank GmbH to rectify deficiencies both in IT monitoring and in customer due diligence.
In addition, N26 Bank GmbH is required to ensure that it has the adequate personnel, technical and organisational resources to comply with its obligations under anti-money laundering law.
These measures must each be implemented within a set time period.
In order to monitor the implementation of the measures, BaFin is appointing a special commissioner under section 45c (1) in conjunction with subsection (2) of the Banking Act (Kreditwesengesetz – KWG). The special commissioner is to provide BaFin with ongoing updates regarding the progress of the implementation.
This order is issued on the basis of section 6 (8) and section 51 (2) sentence 1 of the Money Laundering Act (Geldwäschegesetz – GwG). The publication of the order is based on section 57 of the GwG.
The notice has been final and binding since 11 May 2021.
