Financial regulator BaFin in 2021 ordered the online-only bank to limit its new client sign-ups to 50,000 a month, compared with the monthly average of 170,000 it was taking on at the time. The cap was increased to 60,000 last year and it will be removed from June, according to N26. BaFin declined to comment. The regulator disclosed last week that it had fined the bank €9.2mn for the persistent late filing of suspicious activity reports in 2022. This followed an earlier fine of €4.25mn in 2021 for similar problems in previous years. An independent monitor that oversees N26’s anti-money laundering controls on behalf of BaFin will remain in place, according to people familiar with the situation.

https://www.ft.com/content/dc580781-4c5b-4f8e-a632-65f6721d2ab8