De Nederlandsche Bank (DNB) of Netherlands issued instructions to MUFG Bank (Europe) (MBE) in July 2019 to address its AML/CFT deficiencies. The reason for this was that MBE had violated AML/CFT regulations by lacking an adequate systematic integrity risk analysis.
DNB also found that MBE lacked appropriate measures to detect and manage relevant integrity risks. Moreover, MBE lacked an effective compliance framework related to transaction monitoring.
DNB has issued instructions to MBE to address these violations. Following DNB’s code of conduct, MBE has formulated and implemented a recovery program. MBE has also taken various measures to comply with the instructions. It also regularly reports to the DNB to share its progress.
Source: De Nederlandsche Bank