Dutch online bank Bunq fined for failures in money laundering controls

AMSTERDAM (Reuters) -Dutch online bank Bunq has received a 2.6 million euro ($3.04 million) fine for failures in its money laundering controls, Dutch central bank DNB said on Monday.

Bunq said it disagreed with DNB's decision, to which it has formally objected.

DNB said Bunq was fined in May for "serious shortcomings" in four cases between January 2021 and May 2022, in which it had failed to properly investigate and report signs of possible financial crimes.

It also said previous investigations had already shown repeated failures, which the bank had failed to improve despite an earlier fine and other warnings.

In a statement, a spokesperson for the online bank said: "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 cases from 2021–2022. We remain confident in our position."

Dutch banks have significantly increased money laundering surveillance in recent years after the country's largest banks ING and ABN Amro incurred massive fines for failures in their controls.

In April Dutch lender Rabobank said it will face a court case over its alleged failures to spot money laundering after failing to reach a settlement with prosecutors.

($1 = 0.8544 euros)

(Reporting by Bart Meijer; Editing by Bernadette Baum and Jan Harvey)

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