Erscheinung:22.05.2019 | Topic Anti-money laundering N26 GmbH: Order on the prevention of money laundering and terrorist financing
On May 20, 2019 BaFin on the prevention of money laundering and terrorist financing has issued an order against N26 Bank GmbH to take appropriate internal safety measures and to comply with general Customer Due Diligence (CDD) obligations. The order is issued on the basis of sections 6 (8) and 51 (2) sentence 1 of the German Money Laundering Act (GwG).
In detail it is ordered that N26 Bank GmbH must
- remove backlogs in IT monitoring,
- establish process descriptions and workflows in writing,
- reidentify a specified number of existing customers.
These measures in each case must be implemented within a specified period of time.
Furthermore N26 Bank GmbH has to ensure the existence of an adequate personnel and technical-organisational equipment in order to comply with its obligations under money laundering law.
The publication is based on section 57 GwG.
The decision has legal force since 20 May 2019-