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German online bank N26 managers probed over fraudulent accounts – Handelsblatt

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Economy1 hour ago (Feb 04, 2022 15:11)

© Reuters. FILE PHOTO: The logo of the Fintech N26 (Number26), seen in the N26 office in Berlin, Germany, August 19, 2016. REUTERS/Axel Schmidt

BERLIN (Reuters) – Four managers of German online bank N26 are being investigated by public prosecutors in relation to suspicions about fraudulent customer accounts, the Handelsblatt newspaper reported Friday.

Criminals are suspected of opening numerous accounts to operate fake online shops or launder money, for example, and customers had complained that reported accounts were not blocked in a timely fashion, according to Handelblatt.

A spokesperson for N26 said the bank had no information about ongoing investigations.

German financial regulator BaFin fined N26 for lapses in money laundering controls in September.

In November it ordered N26 to limit the number of customers it takes on and appointed a second special representative to monitor the bank.

German online bank N26 managers probed over fraudulent accounts – Handelsblatt

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