German watchdog sanctions N26, adds oversight
Photo: Reuters
Germany’s financial regulator BaFin has imposed sanctions on online bank N26, including restrictions on new business in the Netherlands and the appointment of a special monitor to oversee the bank. This marks the second time since 2021 that BaFin has assigned a special monitor.
The regulator cited serious deficiencies revealed during a 2024 audit, particularly in risk management, complaint handling, and lending operations, which violated the German Banking Act, News.Az reports, citing Reuters.
N26, one of Europe’s most valuable fintech startups, has faced management and supervisory board changes in recent months. The bank stated it is cooperating closely with the supervisory authorities and the appointed special representative.
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