N26 Is Following Revolut Into Regulatory Hot Water
Business Insider Intelligence sought out Arachnys CEO David Buxton to provide commentary surrounding Germany-based neobank N26 as well as general compliance challenges banks are currently facing.
N26’s challenges are a microcosm of those facing incumbent banks, where much more complex product offerings, legacy tech, and geographical complexity — especially in compliance and KYC — are crippling whole business lines. For example, one European global bank has effectively stopped onboarding new customers because of a mismatch between regulatory expectations and their technology.
David Buxton, CEO / Co-Founder Arachnys
https://www.businessinsider.com/n26-under-regulatory-scrutiny-from-bafin-2019-4
David is a former investigator who has advised banks, law firms and leading multinationals on corruption, fraud, money-laundering and other risks. He is a regular speaker on the use of technology for collection, analysis and reporting in a KYC/AML context. He graduated from Oxford University.