- Fine imposed: Bunq, the Dutch mobile-only bank, was slapped with a €2.6 million fine (about $3.04 million) by the Dutch central bank, De Nederlandsche Bank (DNB).
- Why: The regulator found serious flaws in Bunq’s anti–money laundering (AML) systems. Between January 2021 and May 2022, in four separate cases, Bunq failed to properly investigate and report suspicious financial activity.
- Repeat issue: These weren’t isolated mistakes—DNB noted that Bunq had a history of similar compliance lapses and hadn’t addressed them adequately, even after previous fines and warnings.
Bunq’s response
- Bunq disagrees with the ruling and has formally filed an objection.
- They emphasized that they take their “gatekeeper” role seriously and are using advanced tech to continuously improve their systems and compliance.
via Reuters.