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# Germany's BaFin fines N26 Bank €9.2 million over late suspicious activity reports
- URL: https://www.theglobalbanker.com/germany-s-bafin-fines-n26-bank-9-2-million-over-late-suspicious-activity-reports/
- Published: 2024-05-21T16:00:00.000Z
- Updated: 2026-10-01T08:45:46.000Z
- Description: Germany's financial regulator fined the Berlin-based digital bank over shortcomings in suspicious activity reporting in 2022, a penalty N26 had provisioned for in its 2022 accounts.
- Author: TGB Editorial Team
- Tags: Regulations, Europe, #archive

Germany's Federal Financial Supervisory Authority (BaFin) has fined N26 Bank AG €9.2 million over the late filing of suspicious activity reports, it emerged on 21 May 2024.

The penalty relates to shortcomings in the Berlin-based digital bank's reporting of suspicious activity during 2022, when a number of reports were filed late. N26 had anticipated the fine and set aside provisions for it in its 2022 financial statements.

Under Germany's Anti-Money Laundering Act, banks and other obliged entities must report suspicious transactions to the Financial Intelligence Unit (FIU) without delay, regardless of the amount involved. The FIU sits within the German customs administration and analyses the reports before passing relevant cases to law enforcement authorities.

#### EARLIER SUPERVISORY ACTION

The fine follows an earlier penalty over the same kind of failing. In 2021 BaFin fined N26 €4.25 million over the late submission of suspicious activity reports. In May of that year, the regulator had ordered the bank to improve its safeguards against money laundering and terrorist financing and appointed a special commissioner.

In November 2021 BaFin imposed a cap on the number of new customers N26 could sign up, as a sanction intended to force the bank to improve its anti-money laundering processes. The limit was originally set at 50,000 new customers a month and was raised slightly to 60,000 a month at the end of 2023.

In July 2023 BaFin extended its measures at N26 aimed at preventing money laundering, with the cap on new customers remaining in force.