De Nederlandsche Bank (DNB) imposed an administrative fine of EUR 5 million on de Volksbank N.V. for serious shortcomings in its anti-money laundering controls under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft). The supervisor found that inadequate ongoing customer monitoring and major delays in following up on alerts meant money-laundering risks were not identified, or not identified in time. DNB concluded that these deficiencies persisted at least from 1 July 2020 until at least 26 April 2023. The review of the bank’s risk analysis and customer files, supported by interviews, found that the alert-generating system was not functioning properly and that insufficient action on alerts created major backlogs. In deciding on a punitive fine for non-compliance with Section 3(2)(d) Wwft, DNB cited repeated examinations between 2013 and 2022 and prior enforcement actions that did not lead to sustained compliance; the amount was set using DNB’s general fine calculation policy, taking into account the bank’s size, the seriousness and culpability of the breach, and remediation steps already initiated. de Volksbank has six weeks from receipt of the notification to lodge an objection.
De Nederlandsche Bank 2025-01-30
De Nederlandsche Bank imposes EUR 5 million fine on de Volksbank for deficient anti-money laundering monitoring
De Nederlandsche Bank imposed a EUR 5 million fine on de Volksbank N.V. for significant anti-money laundering control failures under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act. The deficiencies, including inadequate customer monitoring and alert follow-up, persisted from July 2020 to April 2023, despite previous enforcement actions. The fine reflects the bank's size, breach severity, and ongoing remediation efforts.