N26—N26 banned from new customers in Italy due to 'significant AML shortcomings'
Bank of Italy banned N26 from onboarding new customers and offering new products/services to existing customers in March 2022 due to 'significant shortcomings in respect of anti-money laundering legislation.' Ban followed on-site inspection October-December 2021. N26 had 750,000 customers in Italy at time of ban. Represents complete market freeze in major European country.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | primary | -1.00 |
| Regulatory Capture | +toward | secondary | -0.50 |
| Overall incident score = | -0.322 | ||
Score = avg(topic contributions) × significance (high ×1.5) × confidence (0.57)× agency (negligent ×0.5)
Evidence (1 signal)
Bank of Italy banned N26 from new customers over AML shortcomings
FinTech Futures reported March 2022 that Bank of Italy banned N26 from undertaking operations with new customers and offering new products/services to existing customers. Ban imposed due to 'significant shortcomings in respect of anti-money laundering legislation' following on-site inspection October 25-December 17, 2021. N26 had 750,000 customers in Italy at time. Complete market freeze in major European country represents severe regulatory action.