Dutch fintech Bunq has been hit with a €2.6 million AML fine by the Dutch central bank (DNB) for what regulators described as “serious shortcomings” in its anti-money laundering controls. The fine, issued in May, relates to failures in monitoring and investigating suspicious customer transactions between January 2021 and May 2022.
According to DNB, Bunq did not properly follow up on transaction monitoring alerts and failed to conduct adequate ongoing checks on high-risk customer files. Regulators warned that these gaps meant signs of possible financial crime went undetected or unreported, raising the risk of illicit money flows continuing unchecked.
Bunq has taken an adversarial stance, strongly rejecting the findings and confirming it will appeal the decision. “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,” the bank said in a statement, stressing that it “takes its gatekeeper role very seriously.”
The fine comes as Dutch banks face mounting pressure to tighten financial crime controls. ING and ABN Amro previously paid massive penalties for compliance lapses, and Rabobank is preparing to face trial over similar allegations. Regulators say Bunq has failed to make sufficient progress despite several compliance examinations between 2018 and 2023 that flagged repeated deficiencies.
This is not Bunq’s first clash with DNB. In 2022, the bank successfully challenged a ban on using artificial intelligence for AML monitoring, winning the right to deploy AI-driven systems. Still, DNB concluded the recent failures were “severe and culpable,” leaving no choice but to impose the multimillion-euro fine.
While Bunq insists its technology-driven approach is robust, the case underscores the growing scrutiny fintechs face as regulators demand stronger safeguards against financial crime. The outcome of the bank’s appeal will be closely watched across Europe’s digital banking sector.
