Compliance as Power - Issue #564

The Focus

Bunq’s €2.6 million fine from the Dutch central bank could be read as another case of a neobank failing to keep up with anti-money-laundering rules. But look closer, and it’s part of a broader shift: regulators are treating compliance as a central pillar of financial stability.

In the Netherlands, De Nederlandsche Bank has signaled that repeat deficiencies will no longer be tolerated. Earlier fines against major lenders, including ABN Amro, made clear that size offers no protection. Now, newer players like Bunq face the same scrutiny.

This is not just a Dutch story. Across Europe, authorities are preparing for the new Anti-Money Laundering Authority in Frankfurt, which will bring more centralized oversight. National supervisors want to show they are already raising standards.

In the UK, enforcement has become part of London’s post-Brexit financial strategy. Laws passed in recent years have given regulators stronger tools, and they are using them against banks, payment firms, and even emerging BNPL operators.

In the U.S., money laundering oversight has taken on a national security role. Agencies like FinCEN and OFAC are making clear that both banks and fintechs are expected to act as gatekeepers against illicit flows, with enforcement actions extending well beyond Wall Street.

Seen together, these moves are not isolated cases but evidence of a system-wide tightening. Compliance has moved from a back-office function to the backbone of financial credibility. For fintechs and banks alike, innovation may win customers, but it is compliance that secures the license to operate.

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