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 and Bunq did not report them to the Financial Intelligence Unit.
Banks in the Netherlands are required to report any suspicious activity they encounter to the investigative agency.
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.
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