By Madeline Chambers
Germany’s financial regulator has imposed a fine of 9.2 million euros ($10.00 million) on online bank N26 after finding that the bank had in 2022 systematically been late in filing reports of suspected money laundering, BaFin said on Tuesday.
Credit institutions are obliged to submit a report to the Financial Intelligence Unit if they suspect that a transaction could be related to money laundering or terrorist financing, the regulator said in a statement.
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