The Federal Financial Supervisory Authority (BaFin) has issued an updated order for digital bank N26 on the prevention of money laundering. This order has been published with a delay.

The updated order replaces a previous order focused solely on anti-money laundering measures, which was published in May 2021. In 2021, N26 received two orders from BaFin. One order, issued in May 2021, focused on anti-money laundering measures, and N26 promptly fulfilled it.

The second order, which concerned N26's business and risk management organisation, has also been completed and has now expired. During this period, N26 dedicated substantial resources to enhance its anti-money laundering efforts and continues to invest in improving its technological and organisational capabilities. The new published order acknowledges the progress made and outlines a plan to address any remaining outstanding issues.

N26 is fully committed to swiftly complying with all aspects of the order and will collaborate closely with the special representative appointed by BaFin to ensure progress in all critical areas until all orders are fully resolved. The company's dedication to meeting regulatory requirements underscores its ongoing efforts to bolster customer protection and reinforce its position as a responsible financial institution. Previous developments from N26 In May 2023, N26 has launched new insurance services for ‘You’ and ‘Metal’ personal and business account holders.

These new offerings aim to provide premium customers with extra peace of mind when it comes to their daily transactions. The new coverage plans help protect against unexpected events, but the changes also comprise new benefits, improvements to existing benefits, as well as exclusive benefits for ‘Metal’ account holders. One of the most noteworthy changes involves travel insurance, as N26 is making sure that ‘Metal’ and ‘You’ account holders benefit from improve protection in the event of disruptions to their travel plans.

Specifically, travel delays will be covered after just a two-hour delay (instead of four) and baggage delays after four hours (instead of twelve). In addition, the coverage has been updated to include personal liabilities up to EUR 500.000 per trip and covers the families or travel companions of premium account holders. N26 travel insurance will still cover costs due to baggage and travel delays of up to EUR 500 as well as baggage theft and disappearance of up to EUR 2.000, medical emergencies including sports accidents up to EUR 1 million as well as trip cancellations and interruptions up to EUR 10.000.

Instant Savings account for Spanish users In May 2023, N26 has also rolled out Instant Savings account in Spain, aiming to offer eligible customers interest on deposits. Clients that have a Spanish IBAN benefit from a 2,25% AER (2,26% NIR) interest on deposits, with no minimum deposit amounts required, no conditions of permanence, as well as no additional fees, and no need to have their salaries paid directly into their account. Across all membership tiers, both new and already existing customers of N26 will be given the possibility to earn interest on their savings up to a maximum balance of EUR 50,000.

Furthermore, they will be enabled to access their funds freely and without no restriction, at any time or place they need. Clients are allowed to earn interest on their deposits only if they hold a personal N26 Standard, N26 Smart, N26 You, or an N26 Metal account, with an eligible Spanish IBAN. Moreover, users need to meet local eligibility requirements and rules, including being a resident of Spain with a registered local tax ID number.

About N26 N26 AG is a European digital bank with a full German banking licence. Built on the modern technology, N26’s mobile banking experience makes managing money easier, more secure and customer friendly. To date, it has welcomed more than 8 million customers in 24 markets, and processes over 100 billion EUR in transactions a year.

N26 is headquartered in Berlin with offices in multiple cities across Europe, including Vienna and Barcelona, and a 1,500-strong team of more than 80 nationalities. .