Dutch Regulator Fines bunq €170,000 Over Delayed Responses to Online Fraud Complaints

The Netherlands Authority for the Financial Markets (AFM) has imposed an administrative penalty of €170,000 on digital bank bunq B.V. after determining that the company failed to handle several customer complaints related to online fraud within the timeframe required by law.

According to the regulator, the sanction stems from bunq's delayed responses to seven complaints submitted by customers who had fallen victim to online scams. In each of those cases, the affected individuals received substantive feedback only after the statutory deadline had already passed.

Under Dutch rules governing payment service providers, institutions such as bunq must provide a comprehensive response addressing all elements of a complaint within fifteen working days of receiving it. The AFM found that this obligation was not met during two separate periods, from 10 November 2023 to 12 December 2023 and again between 23 April 2024 and at least 1 August 2024.

The investigation focused specifically on the bank's treatment of customers who reported being victims of online fraud. Some of those individuals suffered financial losses amounting to tens of thousands of euros and attempted to seek assistance from bunq. The regulator concluded that contacting the institution proved difficult for some customers, ultimately leading them to submit formal complaints.

Even after those complaints were lodged, customers reportedly had to wait several weeks before receiving a response. The AFM determined that this level of service did not meet the standards that clients could reasonably expect from the financial institution.

The regulator also noted that, depending on the circumstances, people who become victims of online fraud may have a legal right to compensation. Bunq stated that the customers involved in this particular investigation did not qualify for such compensation under the applicable rules. Nevertheless, the bank decided to reimburse the affected individuals either fully or for a substantial portion of their losses.

While the AFM acknowledged that these payments did not eliminate the uncertainty experienced by customers during the period in which the violations occurred, it also recognized that the bank ultimately acted in a manner that benefited those affected.

Bunq's decision to compensate the customers influenced the final amount of the penalty. The regulator explained that the established violation normally carries a base fine of €500,000. Taking into account the bank's conduct regarding customer reimbursement, the AFM reduced the amount to €200,000.

A further reduction was granted because the matter was resolved through a simplified settlement procedure. The additional 15% discount lowered the final administrative fine to €170,000, and with that decision the case has been formally concluded under the simplified settlement framework.

By fLEXI tEAM