AMSTERDAM, Jan 30 (Reuters) - Dutch state-owned lender de Volksbank announced on Thursday that it had been fined 20 million euros ($20.83 million) by the Dutch central bank for insufficient risk management and lapses in anti-money laundering measures.
The bank acknowledged the deficiencies identified during the period between 2018 and 2023 and noted that it had initiated measures the previous year to enhance its risk management practices.
De Volksbank encompasses several smaller Dutch banks, including SNS and ASN, which were nationalized following the 2008-2009 financial crisis.
In a restructuring effort last year, the bank revealed plans to streamline its operations by consolidating all activities under the ASN brand, along with downsizing by around 750 positions and closing nearly half of its 600 local branches.
Despite the Dutch government's expressed intention to privatize the bank again, no concrete plans have been presented to date.
In recent years, larger Dutch banks such as ING and ABN Amro have resolved central bank issues and legal investigations related to deficiencies in their money laundering detection systems, with ING paying 775 million euros in 2018 and ABN Amro 480 million euros in 2021. Rabobank remains under scrutiny.
($1 = 0.9603 euros)