Bafin calls for app-bank n26 more macers against financial crime

BaFin calls for App-Bank N26 more macers against financial crime

Financial Supervision BaFin penetrates a sharp approach to money baseca at the smartphone bank N26. The Federal Institute for Financial Services (BaFin) demanded N26 Bank GmbH according to Wednesday, for the pravention of money washes and terrorist financing "to take appropriate internal security measures".

For monitoring, a special representative is ordered, the BaFin continued to inform. Specifically, the N26 Bank has to eliminate deficits in computer monitoring as well as in identifying and verification of customers. Furthermore, the bank "Adequate personnel and technical-organizational equipment for compliance with your money laundering commitments" to ensure.

More measures against financial crime

According to N26, BaFin calls for additional measures in the fight against digital financial crime. In recent years, N26 has already pushed strongly the expansion of pravention measures against money washes, so the Berlin Bank, which specializes in the account monitoring by smartphone. Nevertheless, it is recognized, "that even more in this area has to be done". N26 undertake to implement all ordering points of the BaFin. For customers from N26, this has no effects. The order is not relating to the safety of customer accounts or deposits.

Since the beginning of the Corona pandemic, criminal activities have been greatly increased in connection with online trading from N26 worldwide. Tampered concerns to third parties to open up new accounts to use this for commutational purposes. The requirements for banks in the fight against criminality have risen. According to N26, the demands of BAFIN goals, among other things, to prevent this opening of accounts and quickly identify and block illegal transactions.

Not the first rut

It is not the first time that BaFin composes at N26: Already in May 2019, the comprehensive lack of fraud and money laundry pravention of the banking startup, what N26 improvement and personnel raised. In June 2019, it was even known that some Volksbanks had temporarily adjusted to certain online banks, including N26, because fraud trap overhears.

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