In December 2021, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of €2,000,000 ($2.09m) on the German online investment broker FlatexDeGiro Bank AG.
The fine was a result of the company’s delayed and incorrect reporting of unusual transactions to the Financial Intelligence Unit – Netherlands (FIU). FlatexDeGiro delayed the reporting of 27 unusual transactions. Moreover, 10 of the reports it actually sent had incorrect time recorded in them. This violates the country’s AML/CFT law.
The AFM had initially levied a fine of €2,500,000 ($2.61m). However, the authority reduced this fine considering the company’s constructive attitude in this matter.
Source: AFM, Netherlands