Bunq, a challenger bank from the Netherlands, has been fined €2.6 million due to substantial deficiencies in its anti-money laundering measures. This sanction aligns with fines previously imposed on other challenger banks such as Monzo and Starling Bank. The Dutch central bank (DNB) issued the fine on May 6, citing Bunq’s inadequate response to warning signals and irregularities in four customer files, which led to undetected money laundering risks.
Bunq, which claims over 17 million users, disagrees with this ruling and has lodged a formal objection. The highlighted cases span from January 2021 to May 2022, during an investigation of Bunq’s adherence to the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act. The DNB pointed out that Bunq failed to adequately act on transaction monitoring alerts, resulting in insufficient investigations into potential financial crimes. Additionally, Bunq could not consistently justify why certain transactions were reported to the financial intelligence unit while others were not.
The DNB indicated that Bunq’s non-compliance risked missing or delaying the detection and reporting of unusual transactions. They noted Bunq’s recurring compliance issues identified between 2018 and 2023, despite prior enforcement actions including previous fines. Bunq responded by stating that they take their gatekeeper role seriously, employing advanced technology and enhancing systems in reaction to these cases from 2021–2022. However, they disagreed with the DNB’s decision and have formally challenged it, noting the case is ongoing and refraining from further comment, while expressing confidence in their stance.