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Dutch Bank Fined €20 Million for AML, Governance Failures

Koos Couvée
London Bureau Chief

Dutch regulators disclosed €20 million in penalties Thursday against De Volksbank for failing to regularly monitor existing customers from July 2020 to April 2023, and properly manage credit, counterparty, capital and operational risks from July 2018 to October 2023. The central bank of the Netherlands, De Nederlandsche Bank, or DNB, concluded in an enforcement notice that the Utrecht-based lender "structurally failed to fulfil its obligation to conduct thorough customer due-diligence ... and ran an increased risk of becoming involved in laundering the proceeds of crime and the financing of terrorism." After nearly a decade of engagement over weaknesses in De...

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