Today, October 18, 2022, the Dutch court ruled in favor of bunq using modern technology to effectively combat money laundering 🌈
The direct result of this ruling paves the way for industry-wide progress that will make banking safer for everyone.
From the very beginning, we founded bunq to challenge what banking is and what it could be. Being innovators at heart, we’ve always argued for more effective ways to combat fraud and money laundering. Our engineers built risk-based methods and incorporated advanced technology such as Artificial Intelligence to combat fraud smarter and more efficiently.
However, the Dutch National Bank (DNB) rejected these methods, instead forcing us to use theirs, which in our eyes were antiquated, ineffective and actually harmed the stability of the banking system as a whole. Aware of the long term consequences DNB’s methods would have, we decided to take DNB to court on the use of modern technology in the fight against money laundering.
The Dutch court ruled firmly in favor of our technology-driven philosophy today, opening the door to a safer and more user-friendly financial sector.
Want to learn more? Explore this blog post by Ali Niknam, our founder and CEO 💪