Online Bank Bunq Fined for Lack of Money Laundering Controls - DutchNews.nl

Dutch Central Bank Fines Bunq for AML Shortcomings | Fintech InShorts: Latest fintech news, analysis by experts

Understanding the Implications of Non-Compliance in the Financial Sector Highlights: Bunq was fined by the Dutch Central Bank due to deficiencies in its anti-money laundering practices. The central bank emphasized the necessity of rigorous compliance measures for financial institutions. Bunq’s shortcomings raised concerns about the effectiveness of its AML policies and procedures. The recent fine imposed on Bunq by the Dutch Central Bank unders…

Neobank bunq fined for AML control failures

Dutch Central Bank (DNB) has imposed a €2.6m ($3m) fine on online bank bunq for “serious” deficiencies in its money laundering controls. The examination by DNB found that bunq had not complied with The Anti-Money Laundering and Anti-Terrorist Financing Act, raising concerns about potential financial crimes being overlooked. The investigation covered cases from January 2021 to May 2022. DNB said it assessed bunq’s risk analysis and transaction mo…

Online bank Bunq fined for lack of money laundering controls - DutchNews.nl

The Dutch Central Bank (DNB) has issued a €2.6 million fine to online bank Bunq for failing to implement adequate...

Fintech Bunq fined for insufficient money laundering investigation - TechCentral.ie

The online bank Bunq has been fined €2.6 million by De Nederlandsche Bank (DNB) for shortcomings in its anti-money laundering controls. The DNB said Bunq did not fully comply with its obligations to investigate suspicious transactions between January 2021 and May 2022. Although the bank did report suspicious customers to the Financial Intelligence Unit (FIU), [… The post Fintech Bunq fined for insufficient money laundering investigation appeared…