The Federal Financial Supervisory Authority (BaFin) has initiated proceedings against N26 Bank AG for lapses in reporting suspicious activities in 2022. Consequently, BaFin plans to levy a fine of 9.2 million EUR on the bank.
Investment of 80 million EUR in Compliance Measures
Addressing these limitations, N26 has been actively improving its reporting processes since 2022. The bank allocated more than 80 million EUR to enhance both personnel and technical infrastructure, aligning with top industry standards to combat financial crime and money laundering.
N26 expected a possible fine and allocated funds for it in the 2022 financial statements. The bank received a fine lower than the reserved amount. It has affirmed its dedication to maintaining a cooperative and trustworthy relationship with regulators on these issues.
N26 Launches Joint Accounts across Europe
N26 has launched joint accounts in 21 European countries, such as Austria, Belgium, Spain, and Sweden, as reported by The Finance Line. Users can conveniently handle personal and shared finances through the app, eliminating the need for paperwork.
Joint accounts provide various features such as expense tracking, participant filtering, and monitoring joint budgets. Each comes with its dedicated IBAN for managing shared expenses like rent or household costs.
Participants own and have full access to valuable insights in a transparent manner. This offering enhances N26’s Shared Spaces feature by enabling the creation of sub-accounts with trusted contacts.
About N26
N26, founded in 2013, is Germany’s first fully mobile and fully licensed bank, revolutionizing the banking experience with a mission to build the bank that the world loves to use. Renowned for its beautifully simple interface, N26 offers a seamless, 100% mobile banking experience that is trusted by millions of customers across Europe. With no transaction or currency conversion fees, N26 ensures transparency and control over finances, making it an ideal choice for those seeking a modern, efficient, and fee-transparent banking solution.