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🌐 N26 Bank Gets a Costly Slap on the Wrist from BaFin + GRC insights

🌐 N26 Bank Gets a Costly Slap on the Wrist from BaFin + GRC insights

GM. This is The Risk Radar, your trusted guide through the tangled web of anti-money laundering and compliance.

The Risk Radar Team
May 22, 2024

GM. This is The Risk Radar, your trusted guide through the tangled web of anti-money laundering and compliance.

Here’s what we have in store for you today:

N26 Bank Gets a Costly Slap on the Wrist from BaFin
Diving Deep into GRC: LogicGate's Latest Insights!
AML Career: companies hiring (PS Capital One is hiring a lot of roles)

💸N26 Bank Gets a Costly Slap on the Wrist from BaFin

Looks like N26, the online bank that’s been trying to make banking cool, found itself in hot water with Germany's financial watchdog, BaFin. A cool €9.2 million fine for fashionably late submissions of some pretty crucial reports—anti-money laundering ones.

The Delay Drama:

In the world of banking, timing is everything—especially when you’re dealing with suspected money laundering. BaFin has a simple rule: if a bank sniffs out something fishy (financially speaking), it needs to hit the "report" button, pronto. But in 2022, N26 was more 'fashionably late' than 'promptly punctual,' systematically dragging their heels on filing these critical reports.

The Pricey Consequence:

Not one to let things slide, BaFin slapped N26 with a €9.2 million fine. It’s like getting a parking ticket, but instead of blocking a driveway, you’re slowing down the fight against financial crime.

N26’s Comeback:

N26 isn’t just sitting in the corner thinking about what it did. Post-scolding, they've pumped over €80 million into beefing up their reporting game. They’re talking big upgrades in personnel and tech to keep the bad money vibes at bay. And it seems they were prepared for a financial hit, having stashed away enough cash to cover the fine without breaking a sweat.

Onwards and Upwards:

With a vow to keep cozy with regulators, N26 is determined to show that it can take a hit and come back stronger. It's like they’re saying, “Thanks for the fine, now watch us become compliance ninjas.”

🤿 Diving Deep into GRC: LogicGate's Latest Insights!

Ever wondered if one ring to rule them all might apply to Governance, Risk, and Compliance (GRC) platforms?

Well, LogicGate just dropped some insights that spell out a pretty compelling case for going single.

One Platform to Rule Them All:

LogicGate's fresh-off-the-press 2024 GRC Strategies, Teams and Outcomes Report shows a standout stat: a whopping 59% of organizations rocking a single centralized GRC solution are nailing their risk management game. That’s a stark contrast to the mere 15% feeling confident with dual tools. It’s like choosing between a swiss army knife or juggling a couple of blunt blades!

GRC: Not Just a Tool, a Team Player:

This isn't just about software; it's a whole team sport. While 81% of Risk Management teams are the quarterbacks, about 40% of Cybersecurity and 37% of Compliance squads are also in on the action.

The Price of Protection:

Oh, and if you're pinching those pennies, get this—companies using a solo GRC platform are saving about 21% compared to the multi-tool crowd.

Industry Spending Spree:

Now, let’s talk about the Benjamins, or should we say the healthcare breach millions? Financial services are splashing around 1.13% of their revenue on GRC, outspending healthcare nearly threefold, even though a healthcare breach could cost a staggering $10.93 million on average.

Risky Business:

As for the headline risks? Cyber threats, geopolitical shenanigans, and the ever-volatile social reputation risks are the trio topping the charts.

And don’t forget AI—this wildcard is the dark horse that could disrupt the risk landscape big time as it gallops into mainstream use.

Investing in Smarts:

Finally, where's all the GRC cash going? Into smart people and smarter tools. Talent snags the lion's share of the budget at 46%, with GRC software tools taking a healthy 18% slice. And looking ahead? Those numbers are only expected to rise.

AML Careers:

Looking at a career in AML/KYC, here are some companies hiring:

Meme of the Day:

Knowledge is your best when it is shared! Share The Risk Radar with a coworker and turn the tables on threats with every issue.