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October 18 2022

bunq wins appeal case against the Dutch Central Bank (DNB)

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Digital bank bunq has won a very important lawsuit against the Dutch Central Bank (DNB). Earlier this year, the neobank sued DNB over a disagreement over the use of technology to combat money laundering.

Read also: Revolut launches new ‘Shops’ service in Ireland

“It’s a strategy that, in the eyes of Bunq, was antiquated and ineffective. For years, Bunq advocated money laundering policies that use modern technology, such as artificial intelligence, to mitigate risks,” Bunq said in a statement following the court siding in its verdict with the company.

“Bunq however considered the long-term detriment to its own users and, on a larger scale, the stability of the banking system as a whole, had it yielded to DNB’s anti-money laundering strategy,” it added.

The Dutch neobank has seen its customer numbers soar in recent years helped by organic growth as well as acquisitions, helping it nudge close to profitability, according to its latest customer accounts which run up to the beginning of 2022.

“DNB insisted on using one-sided reporting from account holders – a system resting squarely on the honesty of fraudsters – bunq favoured the use of technology such as machine learning to fight money laundering effectively.”

Interestingly, DNB itself began to change its policy a month before the verdict was given by publishing a study in which it recommended a more effective methodology in the way of combating money laundering. 

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In its report, DNB promotes a different approach that uses certain technological innovations, such as machine learning.

“Today is a day that will be remembered in history. Today bunq won its appeal against the Dutch Central Bank (DNB), in a landmark case concerning the use of modern technology to effectively combat money laundering. The court’s decision paves the way for industry-wide progress and a safer financial system for all,” claims the founder and CEO of bunq, Ali Niknam.

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