AMSTERDAM (Reuters) -Dutch online bank Bunq has received a fine of 2.6 million euros ($3.04 million) for failures in its money laundering controls, Dutch central bank DNB said on Monday. DNB said Bunq
Bunq Faces €2.6 Million Fine for Inadequate Money Laundering Controls
Bunq's Money Laundering Control Issues
AMSTERDAM (Reuters) -Dutch online bank Bunq has received a 2.6 million euro ($3.04 million) fine for failures in its money laundering controls, Dutch central bank DNB said on Monday.
Details of the Fine
Bunq said it disagreed with DNB's decision, to which it has formally objected.
Bunq's Response
DNB said Bunq was fined in May for "serious shortcomings" in four cases between January 2021 and May 2022, in which it had failed to properly investigate and report signs of possible financial crimes.
Context of Banking Regulations in the Netherlands
It also said previous investigations had already shown repeated failures, which the bank had failed to improve despite an earlier fine and other warnings.
In a statement, a spokesperson for the online bank said: "At Bunq, we take our role as gatekeeper very seriously."
"We use the most advanced technology and continuously strengthen our systems - including in response to these cases from 2021–2022. We remain confident in our position."
Dutch banks have significantly increased money laundering surveillance in recent years after the country's largest banks ING and ABN Amro incurred massive fines for failures in their controls.
In April Dutch lender Rabobank said it will face a court case over its alleged failures to spot money laundering after failing to reach a settlement with prosecutors.
($1 = 0.8544 euros)
(Reporting by Bart Meijer; Editing by Bernadette Baum and Jan Harvey)
