De Volksbank is facing a fine from the Dutch central bank (DNB) after being ruled to have insufficient measures to prevent money laundering.
The news was confirmed by Martijn Gribnau, chairman of the Dutch state-owned bank, who on Friday said: "We regret that we were not able to fulfil our gate watcher role with respect to client integrity and that we are at this moment in violation of certain legal obligations with respect to money laundering."
De Volksbank houses several smaller Dutch banks which were nationalised following the 2008 financial crisis, including SNS and ASN.
It remains unclear how much the bank will be fined by DNB. ING and ABN Amro, which are both significantly larger than de Volksbank, paid €775 million and €480 million respectively following DNB complaints over shortcomings in their money laundering control systems.
Another Dutch bank Rabobank is still under investigation over its money laundering practices.
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