Online bank Bunq fined for lack of money laundering controls
The Dutch Central Bank (DNB) has issued a €2.6 million fine to online bank Bunq for failing to implement adequate anti-money laundering controls.
DNB said the fine was imposed “due to serious shortcomings in [Bunq’s] anti-money laundering controls during the period under investigation from January 2021 to May 2022.”
In that time, four of the bank’s customers made suspicious transfers but Bunq, the central bank said, did not “sufficiently follow up on signals and irregularities… resulting in money laundering risks not being detected or not being detected in time.”
Bunq plans to challenge the fine in court.
The bank has been in a serious of disputes with DNB over money laundering regulations. In 2021, Bunq received fines totalling €875,000 for failing to comply with terrorism financing legislations but the amount was reduced to €130,000 after the bank appealed.
ING and ABN Amro banks have also received fines in recent years.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.
Make a donation