The Dutch central bank has fined digital lender bunq €2.6 million due to “serious deficiencies” in its anti-money laundering controls. Bunq has appealed the fine, which was imposed by De Nederlandsche Bank (DNB) after a review covering January 2021 to May 2022.
The review assessed bunq’s compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) and found shortcomings in how the neobank addressed transaction monitoring alerts. Consequently, potential signs of financial crime were not adequately investigated. DNB noted that bunq could not explain inconsistencies in reporting transactions with similar characteristics to the Financial Intelligence Unit.
The fine reflects the severity of bunq’s non-compliance. DNB conducted multiple examinations between 2018 and 2023, which identified ongoing issues with Wwft compliance, ultimately leading to enforcement action. Despite previous attention, there has not been sufficient progress in compliance, resulting in the latest punitive measure.
A bunq spokesperson stated, “At bunq, we take our role as gatekeeper very seriously. We utilize advanced technology and continually enhance our systems in response to these cases from 2021-2022. However, we disagree with DNB’s decision and have formally objected.”
Earlier this year, Dutch finance minister Eelco Heinen raised concerns about the nation’s anti-money laundering approach, suggesting a new risk-based strategy to parliament.