Bunq won a historic court case against the Dutch Central Bank (DNB) on the use of modern technology in the fight against money laundering today, October 18, 2022. The Dutch Court ruled unequivocally in best interests of the technology-driven philosophy.
This decision paves the way for progress that will make banking safer for everyone. It allows for greater collaboration between the financial industry and online players, as effectively combating fraud requires both.
Bunq was founded from the beginning to question what banking is and what it could be. And was backed from the start by users who shared our belief that banking could and should be simple, diverse, and transparent.This is what happened:
Bunq has always advocated for more effective ways to combat fraud and money laundering. It is critical to the stability of the banking system. To combat fraud smarter and more efficiently, the engineers developed risk-based methods and incorporated advanced technology based on Artificial Intelligence.
For a long time, the Dutch National Bank (DNB) rejected bunq’s methods, forcing them to stick to their antiquated approach of “do as they say.” Traditional banks continued to rely on questionnaires that boiled down to asking people, ‘Are you a fraudster?’
It would have been simpler to follow the DNB’s rule-based approach, putting users’, their money’s, and the entire banking system’s safety at risk. Bunq, on the other hand, was acutely aware of the long-term consequences of DNB’s methods.
As a result, they decided to take DNB to court.
This was an unprecedented move; none of the traditional players had ever dared to make one. It’s impressive to see that the Dutch court recognized the significance of bunq’s innovation in a centuries-old industry. Its decision pave the way for industry-wide progress and a more secure financial sector.
More about bunq here.