Dutch Online Bank Bunq Fined €2.6 Million for AML Shortcomings

Dutch online bank Bunq has been fined €2.6 million by De Nederlandsche Bank (DNB) for serious deficiencies in its anti-money laundering (AML) controls between January 2021 and May 2022. The regulator found that Bunq failed to adequately screen and monitor high-risk customers, resulting in insufficient investigation of suspicious transactions and inconsistent flagging of potentially illicit activity. DNB emphasized that Bunq lacked sufficient insight into its customers and their transactions due to these monitoring shortcomings. In response, Bunq has filed an objection to the fine, with the appeal process still pending. The fine highlights the importance of rigorous AML compliance within the Dutch banking sector. Despite the fine, Bunq assures that this will not impact the impartiality and integrity of their operations.