✉news BusinessBanking first seen 21 h ago, last 52 min ago, peak #7
Dutch central bank fines Modulr Finance over weak customer monitoring
Original: BREAKING: Dutch central bank fines Modulr Finance over weak customer monitoring
The Dutch central bank, De Nederlandsche Bank, has fined UK-based payments firm Modulr Finance for shortcomings in its customer monitoring practices. The penalty relates to weak anti-money-laundering controls in how the company screens and monitors its clients. The case underscores growing regulatory scrutiny of payments and fintech firms' compliance standards across Europe.
Why now: Regulators are intensifying enforcement of anti-money-laundering rules against fintech and payments companies.
Modulr FinanceDe Nederlandsche BankNetherlands
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