Four managers of the German online bank N26 are reported to have been under investigation over fraudulent accounts, according to German newspaper Handelsblatt, on February 4.
The investigation focuses on fraudulent client accounts associated with money laundering. The online bank is said to have lapsed its responsibility of blocking the accounts on time.
The investigations came a short time after the online bank was fined by German regulator BaFin, to pay around $5M for slacking ML controls in September.
N26 was appointed a supervisor by BaFin and in November, the watchdog organisation had ordered a customer cap on the bank.
