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About: http://data.cimple.eu/news-article/8bf2f31e391e2c9518fc60a6da41c7d7358a2179bae0a3e871d72471 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Germany's financial watchdog on Wednesday ordered online bank N26 to step up "internal controls and safeguards" to prevent money laundering and terrorist financing, and said it was appointing a special representative to monitor progress. Bafin's announcement marks an escalation of previous warnings to the popular Berlin start-up, which has come under fire in the past for not properly verifying the identities of new customers. "Bafin ordered N26 Bank GmbH to rectify deficiencies both in IT monitoring and in customer due diligence," the regulator said in a statement. N26 "is required to ensure that it has the adequate personnel, technical and organisational resources to comply with its obligations under anti-money laundering law," it said. A "special commissioner" would oversee the company's efforts, Bafin added. Founded in 2013 and known for its transparent debit cards, digital bank N26 is one of Germany's most high-profile financial technology or "fintech" firms and now has seven million customers in 25 countries. Its rapid growth has rested in part on fast-track identity procedures for new customers. In 2019, German business weekly WirtschaftsWoche said it had managed to open accounts using forged IDs. N26 on Wednesday pledged to "work closely" with Bafin and the special representative. It said it had already significantly increased measures to prevent money laundering in recent years, "but we recognise that more must be done in this area". The coronavirus crisis had contributed to a spike in fraudulent online transactions worldwide, N26 added, "increasing the demands placed on banks in the fight against crime". mfp/hmn/lth
schema:headline	German watchdog steps up monitoring of N26 online bank
schema:mentions	Neobank E-commerce Money laundering Information technology Berlin Germany Coronavirus N26 Wirtschaftswoche Terrorism financing Financial technology
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-05-12 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	81 (xsd:integer)

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