N26 Fined Almost $5M for AML Deficiencies

German financial watchdog BaFin blasted online bank N26 for weak anti-money laundering (AML) controls and imposed a 4.25 million euro ($4.93 million) fine on the digital banking platform, according to PYMNTS.

BaFin ordered N26 to beef up its AML protocols twice since 2019 and in May took the unusual step of assigning a special supervisor to monitor the bank.

Read more: PYMNTS