Thiel-Backed N26 Ordered to Bolster Money Laundering Safeguards
- German regulator tells bank to comply with due diligence
- N26 was valued at $2.7 billion at January financing round
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The German smartphone bank backed by billionaires Peter Thiel and Li Ka-shing has been ordered to bolster safeguards against money laundering and terrorist financing.
Germany’s financial regulator told N26 to “take appropriate internal safety measures” and “comply with general customer due diligence obligations.” The measures are likely to lead to higher security costs.