N26 – Bafin puts Neobank N26 in its place – economy

Financial regulator Bafin has slowed the rapid growth of Berlin-based bank N26. For now, N26 is only allowed to accept “a maximum of 50,000 new customers” per month. In addition, Bafin limits certain risky positions on the balance sheet. A special representative is responsible for monitoring the implementation of the measures. The objective is “the elimination of deficiencies, in particular in terms of risk management in the fields of information technology and outsourcing management,” Bafin announced on Tuesday. The shortcomings are due to the strong growth of the bank.

The boss and founder of the bank Valentin Stalf had already announced the new customer limit a few weeks ago. Bafin had already imposed the measures in early October, but they have only become final now. N26 has been in difficulty with the supervisory authority for a long time, in particular because of deficiencies in the prevention of money laundering, for which Bafin sent a first special representative to the bank in the spring. Over the summer, a fine of 4.25 million euros was imposed for statements of suspicion of money laundering filed too late. N26 had repeatedly received negative attention because online fraudsters had abused the bank’s accounts. The bank, founded in 2013, has repeatedly promised to remedy the situation. After the final round, the money house is valued at over $ 9 billion. This makes it the most valued German financial technology company.

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