BaFin has imposed the fine after concluding that in 2022 N26 systematically submitted suspected money laundering reports late.The penalty is the latest development in a long-running saga over N26’s money laundering controls. In 2021, BaFin fined the bank €4.25 million and then imposed a temporary cap on the number of new customers the lender was allowed to onboard each month. The limit - set at 50,000 new customers a month - remains in place and has been augmented with an audit presence at the bank to monitor progress.Last July, BaFin extended the cap, concluding that there were still "deficiencies" in N26’s systems, demanding more adequate IT monitoring, stepped up quality assurance and the establishment of effective outsourcing controls.However, according to Bloomberg the regulator is now considering a lift on the limit as soon as this year.In a statement, N26 says that, since 2022 it has implemented "numerous measures to further improve reporting processes, while investing over €80 million in personnel and technical infrastructure to maintain the highest industry standards in combating financial crime and money laundering".