Bunq Hit With €2.6M Fine Over AML Failures
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Dutch neobank Bunq has been slapped with a €2.6M fine by the Dutch central bank (DNB) for “serious shortcomings” in money laundering controls. The cases date back to 2021–2022, with regulators citing repeated failures despite earlier warnings.
Bunq said it disagreed with the ruling and has formally objected. The digital bank says it uses advanced tech to strengthen its systems and takes its gatekeeper role “very seriously”.
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NEWS
🇳🇱 Dutch online bank Bunq fined for failures in money laundering controls. DNB said Bunq was fined in May for "serious shortcomings" in four cases between January 2021 and May 2022, in which it had failed to properly investigate and report signs of possible financial crimes.
🇩🇪 Deutsche Bank warns customers of imminent online banking access restrictions. The move comes as part of Deutsche Bank’s ongoing digital transformation, aiming to replace outdated and vulnerable methods with modern, more secure solutions. For customers who still rely on the traditional mobile TAN procedure, time is running out.
🇲🇾 Ryt Bank debuts as Malaysia’s first AI-powered digital bank. It can carry out tasks such as bill payments, fund transfers, and spending insights through natural conversation in Bahasa Malaysia, English, and Manglish. Mandarin support is expected to be added by September, but that is only for the app and not Ryt AI.
🇷🇴 Addiko Bank ventures into Romania’s digital banking sector. Addiko Bank aims to stand out by providing a completely digital service that addresses the financial needs of customers. Continue reading
🇺🇸 Diebold Nixdorf unveils branch automation suite. The new Branch Automation Solutions portfolio is an expanded services suite, designed to help financial institutions (FIs) improve efficiency in their physical channels, while delivering a seamless, omnichannel consumer experience.
🇺🇸 Wells Fargo adds alternative investments to Unified Managed Account program with InvestCloud. This move demonstrates WIM’s market leadership to make this option available at scale and provides both advisors and clients with greater choice and convenience by allowing more investment types in a single account.
🇺🇿 TBC Bank Group acquires majority stake in OLX Uzbekistan. The acquisition, from OLX Group, marks one of Uzbekistan’s most significant M&A transactions in three decades. OLX Uzbekistan has 5.4 million monthly active users and 2.2 million active listings across services, goods, vehicles, and real estate, reaching more than 20% of the country’s internet users, per the announcement.
🇦🇪 UAE Central Bank launches AI initiative with HSBC and local banks. The collaboration aims to enhance operational efficiency, strengthen cybersecurity, and improve customer experience through both traditional and generative AI technologies.
🇺🇸 OCBC establishes US$1 billion digital US commercial paper programme based on blockchain. OCBC seeks to “bolster liquidity resilience” amid heightened geopolitical uncertainty through this move, with the programme offering an alternative channel to tap the US$1.4 trillion USCP market to quickly raise USD.
🇺🇸 State Street launches on J.P. Morgan’s digital debt platform. The collaboration enables State Street to offer custody services for debt securities that are issued, settled, and serviced using blockchain technology. Keep reading
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