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DeepNewz, mobile.
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Germany's financial regulator, BaFin, has lifted the cap on customer onboarding for fintech company N26. The cap, which limited N26 to onboarding 50,000 new customers each month, was imposed in 2021 due to concerns over money laundering and financial crime. The restrictions reportedly cost N26 billions in lost growth. The lifting of the cap on May 28 follows a $10 million fine imposed on N26, part of BaFin's increased scrutiny of fintech startups after the Wirecard scandal.
Germany’s financial regulator ends anti-money laundering cap on N26 signups after $10M fine https://t.co/ROnsvH65QA
Germany’s financial regulator ends anti-money laundering cap on N26 signups after $10M fine: After the Wirecard scandal, Germany’s financial regulator BaFin started to look more closely at young fintech startups that wanted to grow at… https://t.co/1s9gc2ZR1L #AI #AInews #AItips
Germany’s financial regulator ends anti-money laundering cap on N26 signups after $10M fine: https://t.co/lFEMVnXybP by TechCrunch #infosec #cybersecurity #technology #news
