✉news BusinessBanking first seen 1 d ago, last 11 h 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 payments firm Modulr Finance for shortcomings in its customer monitoring, according to regulatory news coverage. The penalty relates to weak checks on customers, a core anti-money-laundering obligation for financial institutions. Modulr, a UK-based provider of payment infrastructure for businesses, now faces scrutiny over the adequacy of its compliance controls.
Why now: Regulators are intensifying enforcement of anti-money-laundering rules against fintech payment firms.
Modulr FinanceDe Nederlandsche Bank
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