N26—N26 fined €9.2 million by BaFin for systematically late suspicious activity reports
BaFin fined N26 €9.2 million in 2024 for systematically submitting suspicious activity reports late throughout 2022. BaFin found N26's compliance systems failed to keep pace with rapid customer growth, with broader organizational shortcomings in risk management and lending operations identified in 2024 special audit. Second major fine after €4.25M in 2021, showing persistent compliance failures.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.497 | ||
Score = avg(topic contributions) × significance (high ×1.5) × confidence (0.66)× agency (negligent ×0.5)
Evidence (2 signals)
BaFin fined N26 €9.2M for systematically late suspicious activity reports in 2022
FinTech Futures reported BaFin fined N26 €9.2 million for systematically submitting suspicious activity reports late throughout 2022. Special audit in 2024 found broader organizational shortcomings in risk management and lending operations. Compliance systems failed to keep pace with rapid customer growth. Second major AML fine after €4.25M in 2021, demonstrating persistent compliance failures despite regulatory oversight.
Fined €9.2M by BaFin for systematically submitting late money laundering reports
BaFin imposed a €9.2 million fine on N26 in May 2024 for anti-money laundering failures. The regulator found N26 systematically submitted suspected money laundering reports late throughout 2022. This followed a €4.25 million fine in 2021 and customer growth caps that likely cost N26 'billions' in lost growth.