Restrictions on new N26 customers
N26's Italian branch was recently subject to a special order by the Bank of Italy.
On March 28, 2022, the Bank of Italy ordered N26’s Italian branch to suspend onboarding for new customers and identified areas for improvement in our anti-money laundering measures. This temporarily prevents us from offering new products and services to our Italian branch customers until all identified issues have been addressed.
Bank of Italy special order issued March 28, 2022: request to strengthen anti-money laundering measures
At N26, we take our responsibilities as a regulated bank very seriously. That’s why we’re working closely with the supervisory authorities and fully cooperating with them to ensure continuous dialogue and address any issues or areas of concern they identify.
Furthermore, as an intermediary with a banking license, N26 is regulated by the same legislation that applies to traditional banks in Germany and Europe. Our Italian branch is also subject to local regulations and supervision by Italian authorities.
What is N26 doing to address this matter? Over the past few months, N26 has made major investments in anti-money laundering measures that have already led to significant progress in this area, both at a global level and in matters affecting our Italian branch. These measures cover the whole organization—from strengthening staff dedicated to governance and operational processes, to developing the underlying IT infrastructure and machine-learning models, and to reinforcing the 24/7 transaction monitoring systems.
In light of the Bank of Italy’s special order, it's clear that we need to continue to strengthen our anti-money laundering systems by addressing all areas for improvement outlined by the regulator. We are currently putting in place an action plan to resolve any shortcomings of N26’s Italian branch and demonstrate to the Bank of Italy that any identified anti-money-laundering weaknesses have been fully addressed so that restrictions can be lifted.
What if you’re already an N26 customer? This special order will not have any impact on your N26 account—all accounts that are already active will continue to operate normally and your money will remain as safe as always.
What if you’re not yet an N26 customer and want to open an account? We’re working with the regulatory authorities to address their concerns as diligently as possible, but this special order has resulted in a temporary pause in opening new accounts. As a result, we won’t be able to take on new customers over the next few months. However, you can join our waiting list and our team will get in touch as soon as we are able to offer new accounts again.
At N26, security is our top priority, and as the holder of a banking license, we’re committed to improving our internal systems so we can continue to offer you the best possible products to support your financial goals.
Thank you for your trust in us.
The N26 Italy team
Is my account/data/money still safe?
Your N26 account is and will continue to remain safe. The special order issued by the Bank of Italy identified areas for improvement in anti-money laundering measures that do not impact your account or deposits whatsoever.
Has N26 broken Italian law?
As of March 28, 2022, N26 has been subject to a special order by the Bank of Italy, which has identified areas for improvement in the anti-money laundering measures of our Italian branch, temporarily restricting the acquisition of new customers in Italy until the issues identified have been addressed. This special order does not affect existing N26 customers and has no impact on the security of your bank account or your funds.
Why has the company restricted the opening of new N26 accounts in Italy?
The Bank of Italy has ordered N26 Italy to suspend transactions with new customers, and identified areas for improvement in our anti-money laundering measures. This temporarily prevents us from offering new products and services to existing customers of our Italian branch until the shortcomings identified have been rectified.
How long will it take for the customer sign-up process to return to normal?
The suspension is temporary, and we hope that all our prospective Italian customers will be able to open an N26 account soon. Please join the waiting list so you can receive the latest updates about opening a bank account with N26.
How does the N26 waiting list work? How do I sign up?
At the start of the sign-up process, you will be given the option of joining our waitlist. Our team will get in touch as soon as we’re able to offer you the N26 account that you want. Customers on the waiting list will be contacted on a first come, first served basis.