De Nederlandsche Bank (DNB) fines Modulr Finance €722,160 over inadequate customer and transaction monitoring

DNB found that Modulr Finance relied heavily on intermediary partners, including crypto-asset service providers, leaving it with insufficient oversight of its customers and transactions. The regulator identified weaknesses in monitoring high-risk countries, non-resident customers, unusual transaction patterns and multiple transactions that fell below individual thresholds. Potential ML and fraud signals were consequently missed or reported late, prompting…