DNB imposes a €15m fine on de Volksbank for failing to maintain sound business operations with an additional €5m penalty for deficiencies in its AML controls

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…