Dutch neobank Bunq is challenging a €2.6m fine issued over alleged “serious deficiencies” in its anti-money laundering controls.
According to De Nederlansche Bank (DNB), the Netherlands’ central bank and regulator, the fines relate to four cases during the period between January 2021 and May 2022. The DNB says Bunq did not sufficiently investigate signals and irregularities in these cases, which resulted in money laundering risks going undetected.
It also said that previous investigations had already shown instances of non-compliance and that it had already taken earlier enforcement action, including an earlier fine.
"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 4 cases from 2021–2022,” a Bunq spokesperson told Sifted. “That being said, we don’t agree with DNB’s decision and have formally objected.
Bunq’s fine follows a spate of similar rulings to European neobanks. Last month, Monzo was hit with a £21m fine for "inadequate anti-financial crime systems and controls" after repeatedly opening accounts for high-risk customers.
In April, fellow UK fintech Revolut was fined €3.5m by European regulators after failing to root out money laundering on its app. And last October, the FCA fined Starling Bank £29m for failings in their financial crime systems and controls.
