N26 Reopens Account Registrations in Italy After Addressing Regulatory Challenges

N26 Resumes Operations in Italy, Appoints Andrea Isola as New General Manager
German digital bank N26 has successfully resolved the regulatory compliance issues that led to its temporary suspension in Italy in 2022. With new leadership in place and a renewed focus on expansion, the bank is ready to compete in the Italian market.
Milan, Italy – October 2024 – N26, the German digital bank, has resumed its operations in Italy after resolving the anti-money laundering (AML) and know-your-customer (KYC) compliance issues that led to its suspension by the Bank of Italy in June 2022. Following a comprehensive review and updates to its compliance procedures, N26 is now allowed to open new current accounts in Italy, with the restriction having been lifted earlier this year.
The temporary suspension was imposed after regulators identified irregularities in N26’s AML processes, leading both the Bank of Italy and Germany’s BaFin to halt account openings. However, N26 has worked diligently to address these concerns, and as of June, the bank’s website re-enabled new account registrations, signaling a full return to business in the Italian market.
This development comes as part of a broader wave of regulatory scrutiny in Italy’s fintech and digital banking sectors, with the Bank of Italy closely monitoring compliance efforts across the industry. Notably, digital bank Qonto has also been subject to a recent regulatory block, with other neobanks rumored to be under review.
In addition to resuming operations, N26 has announced the appointment of Andrea Isola as its new General Manager for Italy. Isola, who previously oversaw operations across southern Europe, is tasked with strengthening the bank’s position in the Italian market, where competition has intensified. Revolut, N26’s key competitor in Europe, has surpassed 3 million customers in Italy, prompting N26 to focus on rapid customer acquisition to regain market share.
Alongside leadership changes, N26 has also introduced a new business account tailored to the needs of small and medium-sized enterprises (SMEs), marking a strategic push to diversify its offerings and attract a broader customer base.
As N26 reestablishes itself in Italy, the bank is poised to recover lost ground and continue its growth trajectory, with a renewed commitment to compliance and customer satisfaction.
About N26:
N26 is a leading global digital bank with millions of customers across Europe. Founded in 2013, N26 offers a range of mobile banking services including current accounts, savings, and business accounts. The bank is dedicated to providing customers with a seamless, mobile-first banking experience.