German financial regulator BaFin has extended anti-money laundering measures with online bank N26, citing deficient systems.

Since 2021, restrictions include a special bank monitor and a monthly cap of 50,000 new customers.

N26, with over 8 million customers, has made substantial investments in anti-money laundering measures and is committed to complying promptly.

BaFin requires N26 to implement adequate IT monitoring, quality assurance, and effective outsourcing controls.