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Dutch neobank Bunq is contesting a penalty imposed by De Nederlandsche Bank (DNB) after regulators identified shortcomings in its anti-money laundering (AML) practices.
The fine follows a supervisory review covering January 2021 to May 2022, which found Bunq failed to adequately follow up on transaction monitoring alerts. According to DNB, potential indicators of financial crime were either insufficiently investigated or overlooked entirely.
The central bank also noted inconsistencies in Bunq’s reporting to the Financial Intelligence Unit, with similar transactions being flagged in some cases but not in others, without a clear rationale.
DNB stressed that the fine reflects the seriousness of the breaches and a pattern of recurring compliance issues. Multiple examinations between 2018 and 2023 revealed ongoing weaknesses in Bunq’s adherence to the Anti-Money Laundering and Counter-Terrorist Financing Act (Wwft), leading to enforcement actions, including previous penalties. Despite these measures, the regulator said “sustained compliance” has not been achieved.
In response, a Bunq spokesperson stated: “At Bunq, we take our role as gatekeeper very seriously. We deploy advanced technology and continuously improve our systems, including in relation to these cases from 2021–2022. However, we disagree with DNB’s decision and have formally lodged an objection.”
The enforcement action comes as Dutch policymakers review the country’s AML framework. Earlier this year, Finance Minister Eelco Heinen raised concerns about the effectiveness of the current approach and proposed a new risk-based strategy to strengthen oversight.
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