BERLIN, May 12 (Reuters) - German financial regulator BaFin has ordered online bank N26 to put in place internal controls and safeguards to prevent money laundering and terrorist financing, BaFin said on Wednesday.
The regulator said it has appointed a special commissioner to monitor the implementation of this order and N26’s progress in resolving other shortcomings identified.
Sources had told Reuters earlier this year that BaFin was extending its oversight of N26 to cover the whole company as it tightened controls following the collapse of payments firm Wirecard. (Reporting by Maria Sheahan, editing by Thomas Escritt)
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