Why do I need to update my personal information?
We’re contacting our customers residing in Germany as well as holders of N26 accounts with German IBANs (DE) in order to confirm their personal data and keep it up-to-date. If you have a German IBAN but the Terms and Conditions of another country, this process may still apply to you.
As a fully-licensed bank, N26 is legally obliged to comply with the general customer due diligence obligations. This includes the obligation to keep customer information up-to-date at all times as well as to consider any specific information resulting from professional or financial circumstances of a customer in order to assess possible risks. We ask for your understanding that we can only fulfil our regulatory obligations according to §§ 4, 5, 6 and 10 the German Anti Money Laundry Law (Geldwäschegesetz) by providing this information.
Please note, this is a regulatory requirement which applies on a general basis. It involves the periodic verification and updating of personal data regarding the customer’s identification and financial information.*
What information do I need to update?
Once you’ve received our message about updating your personal information, you will be prompted to complete it when you login to the N26 app the next time. Before starting the process, please make sure you’ve updated to the latest version of the N26 app. Updating your personal information is only possible through the app on your mobile device (and not from the web app.)
Please note, it is necessary to confirm and update your data even if it hasn’t changed.
In this framework, we'll ask for your specific information relating to:
- Personal data that was provided during the account opening process
- Your professional and financial situation
If you are tax liable in more than one country, please add them in financial section of the N26 app (your initials → Personal details → Tax info → Add new tax country).
Please understand that these questions are routine, general processes for all our customers with German IBAN and not a specific review of individual accounts.
What happens if I don't update my information?
Confirming and updating your personal information is a regulatory requirement. From the time of receiving our initial communication you will have 30 days to complete this process.
In case the process won’t be completed in time, we will be forced to restrict certain features of your account, such as outgoing transactions, card payments and ATM withdrawals. Please note, however, that you’ll still be able to complete the process and fully regain access to your account at that point.
The processing of the supplied data is necessary for the fulfilment of legal obligations to which the responsible party (N26 Bank AG) is subject to as a financial institution, and to enable us to comply with the applicable legal obligations.
We store and process personal data for as long as is necessary to fulfil the contractual relationship or our legal obligations.All data is deleted as soon as we no longer need it to offer you our products, for example if you close your account. Please note that we are required by law to retain certain data even after an account has been closed, for example, for tax reasons or to prevent money laundering.