German BaFin Reprimanded Challenger Bank C24!

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The German BaFin reprimanded C24 Bank, the bank of the comparison portal Check24. The bank must ensure proper business organization and meet additional capital requirements. The regulator announced this on Thursday. The deficiencies had been revealed by a special audit that took place regularly last summer. BaFin had already issued C24 with corresponding orders in December, which have now come into force, the financial supervisory authority’s statement continued.

The comparison portal Check24 launched its bank in mid-2020 with a full banking license. Among other things, it entices customers with a free current account and brokers financial products from other banks. According to Handelsblatt, the number of C24 (website) is in the low six-digit range. It is comparatively small compared to other challenger banks, such as N26.

A Check24 spokesman said the company had coordinated a roadmap with BaFin and the Bundesbank to eliminate deficiencies at C24 bank. The statement added that the institute had already met the increased capital requirements before the special audit last summer. It could comply with these requirements without further capital measures.

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