By AML Intelligence Correspondent FINTECH N26’s FCC problems likely cost the bank billions of euros, it co-founder revealed today (Tuesday). Valentin Stalf said the direct costs of the saga added up to €100M – including spend on AML control functions and monitoring systems along with multi-million euro fines by the German regulator, Bafin. However, when…
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LATEST: N26’s AML problems have cost the fintech billions, says co-founder
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COST OF NON-COMPLIANCE “The impact on N26 surely amounts to billions of euros because it lowered the company’s valuation as we were unable to grow,” the fintech's co-founder said of its AML woes. Our file photo shows the logo of N26 in Berlin earlier this month.