De Nederlandsche Bank imposed two administrative fines totalling EUR 20 million on de Volksbank for breaches of Dutch requirements on sound business operations and anti-money laundering controls. The EUR 15 million fine relates to very serious and protracted non-compliance with the Financial Supervision Act (Wet op het financieel toezicht, Wft), which requires financial institutions to ensure the sound conduct of their business operations, with shortcomings indicated at least during the period under review between 2018 and 2023. A separate EUR 5 million fine was imposed for non-compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme, Wwft) after DNB found de Volksbank did not adequately monitor customers for money laundering, meaning risks were not detected or not detected in time.
De Nederlandsche Bank 2025-01-30
De Nederlandsche Bank fines de Volksbank EUR 20 million for failures in sound business operations and AML controls
De Nederlandsche Bank fined de Volksbank EUR 20 million for breaches of Dutch regulations on sound business operations and anti-money laundering controls. A EUR 15 million fine was issued for prolonged non-compliance with the Financial Supervision Act, and a EUR 5 million fine for inadequate customer monitoring under the Anti-Money Laundering and Anti-Terrorist Financing Act.