The firm took the regulator to court earlier this year to challenge what it calls the DNB’s “antiquated and ineffective” AML strategy.
“Where 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,” Bunq says.
“Today, the Dutch court ruled in favour of Bunq’s stance.”
Describing the appeal as a “landmark case”, Bunq says it is the first time a bank has sued a regulator “over such a fundamental issue”, adding firms usually prefer to settle any disputes “behind closed doors”.
