The annual report for de Volksbank N.V. has revealed the results of a sanctions-review by the Dutch National Bank.
The report states:
“Furthermore, de Volksbank has initiated a comprehensive remediation project to enhance the customer screening and transaction screening systems. This project will remediate findings from regulatory testing of our screening systems conducted by DNB in the second half of 2022, and is expected to be finalised in the first half of 2024”.
The report also notes that the DNB had identified compliance failings in the AML and anti-terrorist financing space, and de Volksbank has made a provision of €1 million in anticipation of the expected fine.