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BUX, the European neobroker owned by ABN Amro, has been fined €1.6 million by Dutch regulators for compensating financial influencers (finfluencers), existing customers, and comparison websites for introducing new users to its platform.
The Netherlands Authority for the Financial Markets (AFM) imposed the fine, ruling that BUX violated the country’s inducements ban, which restricts financial firms from offering monetary incentives to third parties for client referrals.
Regulatory Scrutiny and Compliance Adjustments
BUX stated that it had ceased paying referral fees in April 2023, several months before ABN Amro finalized its acquisition of the platform. At the time of the acquisition, ABN Amro was aware of the ongoing regulatory investigation.
Headquartered in Amsterdam, BUX provides an investment platform serving hundreds of thousands of users across multiple European markets, offering stocks, ETFs, and ETCs, as well as pre-built and custom investment plans.
BUX CEO Responds to AFM Fine
BUX CEO Yorick Naeff acknowledged the AFM’s decision but defended the firm’s past practices, stating:
“While we respect the AFM’s position, we want to emphasize that the referral fees we have paid in the past came out of our own pocket and have never been at the expense of our customers.”
The fine highlights increasing regulatory scrutiny on fintech marketing practices in Europe, reinforcing the importance of compliance for digital investment platforms.
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