The Bank of Italy has banned N26 Bank from undertaking operations with new customers and from offering new products and services to existing customers.
Why has the Bank of Italy banned N26?
The Bank of Italy adopted this measure following an on-site inspection conducted between 25 October and 17 December 2021, which revealed significant shortcomings in respect of security legislation.
Back in June 2021, the Federal Financial Supervisory Authority (BaFin) handed N26 a fine for €4.25million, due to its delayed submission of less than 50 suspicious activity reports in regards to anti-money laundering (AML) incidences between 2019 and 2020.
The fine was paid in full a month later, and all related proceedings have reportedly been closed. N26 has since stated that measures to improve the reporting of suspicious activities have been implemented earlier this year.
More here https://thefintechtimes.com/bank-of-italy-bans-german-neobank-n26-from-interacting-with-its-customers-following-aml-shortcomings/
