Fines totalling €20 million imposed on de Volksbank

Enforcement measures
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On 22 January 2025, De Nederlandsche Bank (DNB) imposed two administrative fines on de Volksbank. One amounts to €15 million for failing to ensure the sound conduct of business operations. The other, of €5 million, was imposed for deficient anti-money laundering controls.

Published: 30 January 2025

Het gerenoveerde pand van DNB aan het Frederiksplein te Amsterdam.

© DNB

Non-compliance with the Wft

The Financial Supervision Act (Wet op het financieel toezicht – Wft) requires that financial institutions ensure the sound conduct of their business operations. Because of de Volksbank’s very serious and protracted non-compliance with the Wft, DNB imposed a €15 million fine.

Read the full news item on the fine for non-compliance with the Wft

Non-compliance with the Wwft

DNB's examination of de Volksbank reveals that de Volksbank does not adequately monitor its customers for money laundering and therefore fails to detect risks or does not detect risks in time. This means it is in non-compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme – Wwft). For this reason, DNB imposed a €5 million fine on de Volksbank.

Read the full news item on the fine for non-compliance with the Wwft

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