Thanks for the insightful reply. Jayzus, I don't want that to happen, finding it incredibly useful, etc. It did occur to me that it probably related to money-laundering but why could they have not said so explicitly rather than suggest it was for my benefit? I'd be happy to provide redacted versions of my bank statements, ie at least identifying those that went to N26, vs the whole caboodle that they seem to be asking for. You'd wonder too why could they not simply trace the IBAN of the incoming flows? (In my case all the incoming flows were from the same bank account. And in my name).They will lock your account in a heart beat!
A lot of Fintech banks rely on other banks to do the heavy lifting on their Anti money laundering checking for them, but still need to comply with legislation. In this case, you've probably crossed a trigger point where they need proof the money lodged to your account is genuinely a 1st party transfer, so want to see the money coming out of an account in your name. As a German bank, there are specific thresholds set in their legislation.
That'd be too helpful...why could they have not said so explicitly
Thanks. Definitely won't be using it to hold anything more than a day-to-day spending reserve after reading this!I was reading about this last week while doing some research on N26 before opening an account with them. Here are some links
BaFin order for N26: What it means and why our customers don’t need to worry
Find out what the BaFin order means, what we’re doing and why it doesn’t affect our customers.n26.com
It looks as though they are playing catchup on AML on BaFin’s orders.
Thanks for the insightful reply. Jayzus, I don't want that to happen, finding it incredibly useful, etc. It did occur to me that it probably related to money-laundering but why could they have not said so explicitly rather than suggest it was for my benefit? I'd be happy to provide redacted versions of my bank statements, ie at least identifying those that went to N26, vs the whole caboodle that they seem to be asking for. You'd wonder too why could they not simply trace the IBAN of the incoming flows? (In my case all the incoming flows were from the same bank account. And in my name).
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