Solaris, Germany's largest fintech, has been fined €6.5 million after failing to promptly report potentially illicit transactions to the country's financial intelligence unit, the Federal Financial Supervisory Authority, also known as BaFin, disclosed Thursday. "The institution has systematically submitted suspicious money laundering reports late," BaFin, Germany's primary anti-money laundering regulator, concluded in a 1-page notice Thursday that includes no further details on the nature of the company's infractions and when they occurred. Backed by partners such as Visa, Spain's BBVA and ABN AMRO in the Netherlands, Berlin-based Solaris ranks as the largest "banking-as-a-service" provider in Europe, selling non-bank merchants and...
Germany's financial regulator has vowed to keep playing hardball with fintechs out of concern that their anti-money laundering programs have not kept pace with their rapid growth.
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