Fintech Bunq fined for insufficient money laundering investigation
The online bank Bunq has been fined €2.6 million by De Nederlandsche Bank (DNB) for shortcomings in its anti-money laundering controls.
The DNB said Bunq did not fully comply with its obligations to investigate suspicious transactions between January 2021 and May 2022. Although the bank did report suspicious customers to the Financial Intelligence Unit (FIU), the regulator found that Bunq should also have reported all suspicious transfers. The regulator found that Bunq should also have reported all suspicious transfers.
A Bunq spokesperson stressed that the bank’s role as ‘gatekeeper of the financial system’ is taken very seriously. The bank stated that it applies modern technologies and is constantly working on improvements, partly in response to the four cases under investigation. In addition, Bunq informed that it will challenge the fine in court.
DNB has fined several Dutch banks in recent years for shortcomings in its fight against money laundering and suspicious transactions: ING Netherlands settled with the Public Prosecutor’s Office in 2018 for €775 million due to structural deficiencies. ABN Amro followed in 2021 with a €480 million settlement, in which former top executives including Gerrit Zalm were investigated but the case was later dismissed. Rabobank, ASN Bank and Triodos Bank have also been sanctioned or cautioned for poor controls.
Critics, including outgoing finance minister Heinen, have warned that the current anti-money laundering policy is ‘overblown’ and can be discriminatory in practice. ING even apologised to customers who had to answer unnecessary questions, and announced it would amend the policy.
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