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Germany’s BaFin Loses Patience, Hands Fintech Record Penalty

Gabriel Vedrenne
Senior Reporter

Germany's Federal Financial Supervisory Authority, also known as BaFin, assessed a record €9.2 million fine against N26, Germany's largest, purely online bank, on Tuesday for again taking too long to flag suspicious transactions to the country's financial intelligence unit. The fine against N26, which launched in 2013 and now handles more than €100 billion in transactions annually, shatters BaFin's previous record-high assessment of  €6.5 million assessment against Solaris in February. More importantly, it comes three years after the Berlin-based neobank drew a €4.2 million fine from BaFin for the same type of infractions. N26 is considered one of Germany's most...

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