N26 faces BaFin scrutiny over money laundering failures
German financial regulator BaFin has ordered mobile bank N26 to fix problems with its IT monitoring and customer due diligence to prevent money laundering and terrorist financing.
How to create a Refit Face in UGNX 5 Shape Studio
Installing Custom Watch Faces can Break Your Watch – WARNING!
LOOK FOR YOUR FIRMWARE HERE: Join the “Round Android Watches Proboard”
Simply set up a free account, explore the various sections available to you, and jump in. There are many watch users and technical experts discussing just about everything related to smartwatches. For general watch questions you’ll find many answers in the extensive FAQs as well. Need the latest watch firmware for your model? Click here: http://roundandroidwatches.proboards.com/board/12/factory-firmware-downloads
What help with flashing your firmware? Click here: https://www.youtube.com/watch?v=2jHwRLcomiM
If you are going to be installing custom watch faces on any of the Android based standalone smart watch phones (like the No.1 D5, D6 or FINOW X1, X3, X5, or Q1, or many others like the K8, K8mini, K9, K18, etc.) WATCH THIS VIDEO NOW!
Update: This video does not apply to more modern watches from mid 2017 on as the problem has been fixed in the firmware. Scroll to the end of the list of watch face thumbnails and tap the little circular arrow toward the top left to reindex the installed faces before rebooting your watch.
There is a good chance something will go wrong one of the times you install custom watch skins which could result in your watch not being able to reboot. It will get stuck and won’t fully turn on. This has happened to me four times now, on everything from the No.1 D5 to and including the new FINOW Q1.
There is a fix to prevent this from happening, but you need to be able to recognize when your watch may be in trouble and how to fix it before you turn it off.
As shown on the video, you need to download Settings Search. Here is the Play Store link: https://play.google.com/store/apps/details?id=com.katzoft.settings.search.full
If you have already turned off or rebooted your watch and it is stuck turing on, you can find the video you need for flashing your firmware for your specific watch model here: https://www.youtube.com/playlist?list=PLGZLicZ6A2vXVm-kBtq0rMKjSltaJB1rm
The AMAZING Andrew Davis ZOLTAR watch face: https://plus.google.com/116031004352803380057/posts/djLiCzxBnQe
The multicolor animated “work in progress” from Luigi Soro watch face: https://plus.google.com/103842173956545302610/posts/LSBsfBjs8Mq
Other watch faces briefly shown in this video can be seen and downloaded here: https://plus.google.com/u/0/communities/109827242607524552712
Here’s a possible fix posted by one of our viewers after looking for solutions on the web:
Posted by Kerry McMillan
I have to give credit where its due, but I don’t know who posted the fix.
1. download (on pc) Nova launcher in play store to watch. 2. reset watch. 3. open with nova launcher. 4. DELETE folder clock skin. 5. reset watch and all should good. This worked for me on 2 watchs (Finow Q1)…..Thanks again to whom ever posted fix. BZ
UPDATE: Here’s another suggestion by a channel viewer:
Posted by Ahmed Zayed
By the way I found a way to override the freeze issue with the clockskin folder when it gets jammed with skins and no need to flash the rom
Simply even if the clock is stuck on reboot screen you can attach it through the usb to your computer and then use adb via command line
Then cd to sdcard folder
Then write this command: “rm rf ClockSkin”
It will delete the whole folder but your watch will reboot normally and then you can create the ClockSkin folder back and add your skins 🙂
COMMENTS FROM OUR VIEWERS:
From: Abdul Hafiz Amiraz Poniman
I just found out a way to factory reset my Finow x5 air watch witout flashing.. (please dont mind my broken english)
1. If you reset your watch an its stuck at the “smartwatch” logo, hold on the power buton until your watch shut down.
2. Hold the lowest (3rd button) and power button at the same time.
3. At this point “FINOW” logo will appear, RELEASE the power button while still holding the 3rd button until debugging menu appear.
4. On the debugging menu select clear eMMC. This will clear all the data inside your watch.
5. Your watch will restart (or shut down,if it does switch it back on). Give it some time, it will still freeze (still) at 1st (Took mine 2 minutes while connected to PC to finally work).
*Do not strain your watch by installing too many face. It will slow down your watch and make your watch lag or freeze. just install maximum of 5.
You can watch this video that I found. credit to the owner of this video for saving my watch. 😀
6MLD | What is a European Union AML Directive | Measures to take | Regulatory Scope – AML Tutorial
How BaFin Penalized the N26 AML Breach | All About Payments
While N26 seems to be enjoying the funding race with rivals like Revolut, the same cannot be said about its relationship with the regulators. After a cat and mouse game between N26 and BaFin, they’re taking their penalizing of malpractice to a whole new level.
Intro – 00:00
Recent trends in Anti Money Laundering (AML) – 00:46
The new penalty model of AML breaches – 01:42
The business model of N26 – 02:05
#N26 #BaFin #FinTech #Payments
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After a cat and mouse game between N26 and the German BaFin it looks like they’re taking their penalizing of malpractice to a whole new level.
While the German challenger seems to be enjoying the high waves of the funding race with rivals like Revolut and Monzo, the same cannot be said about its relationship with the regulators. If you are remotely connected to the payments world, you probably heard about the hefty fine they received over their failing anti money laundering strategy.
But did the BaFin take it a notch too far this time? And how will the challenger navigate the consequences?
After being appointed a watchdog by the regulators, N26 has now been given a cap on their customer acquisition. In other words, the bank that has been onboarding 170,000 customers every month can now only accept 50 to 70 thousand users monthly until they address issues raised by BaFin.
Banks (both incumbents and challengers) have been notorious for questionable compliance with AML.
Just to freshen up your memory, ING was fined €3 Million for failures in anti-money laundering regulation earlier this year, only to be followed by ABN AMRO agreeing to pay a whopping €480m for similar violations. Not to mention that Monzo is also under investigation by the British regulator
It seems, however, that these hefty fines weren’t helping with the issue, as banks continue to violate AML rules despite hefty fines. Therefore, the BaFin is putting a limit on customer acquisition this time, which we also suspect to be THE business model of N26.
Looking at this extreme measure, we can’t help but wonder about their missing out of potential revenue this could cause. So we believe that the next strategy for N26 to maintain their revenue is to maximize the value of their existing customers. How do you think they could compensate for the lost revenue on customer acquisition?
Finally, it is evident that the German regulators are keeping an extra sharp eye on financial institutions after the recent Wirecard scandal. But looking at the severity of this new penalty, Do you think that the BaFin is doing the right thing? Or did they take it a notch too far?