N26 has announced the appointment of Carina Kozole, formerly of HypoVereinsbank, as its new chief risk officer, addressing a crucial gap in its leadership team.
The German digital bank had been on the lookout for a new risk chief following the departure of Thomas Grosse, who previously held roles at Deutsche Bank and Google. In the interim, managing director Jan Stechele had stepped in to lead while the bank worked to address concerns raised by German financial watchdog BaFin regarding its anti-money laundering (AML) processes.
Kozole, who served as senior vice president and head of credit risk operations at HypoVereinsbank, will be tasked with improving N26’s compliance controls. BaFin recently extended its oversight of the bank’s money laundering measures, citing ongoing “deficiencies” in its systems. A cap of 50,000 new customers per month remains in effect, and an audit presence has been established to monitor the bank’s progress.
BaFin has outlined the need for enhanced IT monitoring, increased quality assurance, and the implementation of effective outsourcing controls.
N26 CEO Valentin Stalf expressed his enthusiasm for Kozole’s addition to the team, stating, “I look forward to welcoming Carina to the team. Alongside our strong bench of leaders, her comprehensive expertise and experience will further strengthen our focus on risk management and compliance.” Kozole is expected to assume her new role later this year.