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Dutch online bank Bunq has been fined €2.6 million ($3.04 million) by the country’s central bank for failing to meet money laundering control requirements, the regulator said on Monday.
De Nederlandsche Bank (DNB) said Bunq had shown “serious shortcomings” in four cases between January 2021 and May 2022, where the lender did not adequately investigate or report potential signs of financial crime.
The central bank added that previous inspections already revealed repeated weaknesses. Despite an earlier fine and warnings, Bunq had not made sufficient improvements.
Bunq said it disagreed with the ruling and has filed a formal objection. “We take our gatekeeper role very seriously,” a spokesperson said in a statement, adding that the bank has strengthened its systems since the period under review.
Founded in 2012 by Dutch entrepreneur Ali Niknam, Bunq holds a full European banking license and reports more than 11 million registered users across 30 European markets. The neobank markets itself as a “bank of The Free,” with a focus on sustainability and app-based services, but has repeatedly clashed with DNB over the strict interpretation of AML rules.
Background: AML rules in the Netherlands
Under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act, banks must monitor customer activity, assess the source of funds, and report suspicious transactions.
DNB said its review of four high-risk Bunq customer files found that transaction monitoring was inadequate, with alerts not followed up thoroughly. In some cases, the bank flagged certain transfers as suspicious but could not explain why similar transactions were not reported.
This is not the first clash between Bunq and DNB. In 2018, Bunq took the regulator to court over its prescriptive approach to anti-money laundering checks. The Dutch Trade and Industry Appeals Tribunal ruled partly in Bunq’s favor in 2022, saying DNB’s rigid rules were too restrictive and did not sufficiently allow for risk-based innovation in compliance. The latest fine indicates that DNB remains dissatisfied with the bank’s progress.
The penalty comes as Dutch regulators continue to pressure banks to tighten anti-money laundering (AML) oversight. In recent years, ING and ABN Amro paid large settlements for control failures.
In 2018, ING admitted “serious shortcomings” and agreed to pay €775 million in the largest Dutch AML settlement to date. In 2021, ABN Amro followed with a €480 million settlement after prosecutors said it failed to properly screen and monitor clients. Rabobank disclosed in 2024 that it faces criminal proceedings after failing to agree a settlement over similar allegations.
The DNB has stepped up scrutiny following international criticism that the Netherlands was too lax on financial crime controls, including a 2022 FATF evaluation that urged tighter enforcement.
Earlier this year, Rabobank said it would face a court case after failing to reach a settlement over alleged shortcomings in its own monitoring processes.
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