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.
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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.
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.
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On 22 January 2025, De Nederlandsche Bank (DNB) imposed an administrative fine of €5 million on de Volksbank N.V. (de Volksbank) for serious shortcomings in its anti-money laundering controls.
Read more Fine for de Volksbank N.V. for deficient anti-money laundering controls