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Volksbank's €5 Million AML Fine
The Dutch central bank (DNB) fined Volksbank €5 million for significant and persistent failings in its anti-money laundering (AML) controls between 2020 and 2023. These failures included inadequate transaction monitoring, a backlog of unprocessed alerts, and insufficient customer due diligence. The DNB highlighted Volksbank's role as a gatekeeper in preventing criminal activity and stressed that the fine was proportionate given repeated prior warnings. Volksbank's ineffective risk detection system exposed the financial system to money laundering risks. Volksbank has a six-week window to appeal the decision.
Published on 11 months ago