Dutch central bank fines Modulr Finance €722,160 over anti-money-laundering checks

De Nederlandsche Bank (DNB) imposed the fine on 30 September 2026 and announced it on 5 October. It said Modulr Finance B.V. had serious shortcomings in its ongoing anti-money-laundering checks from 1 January 2023 to 16 July 2024. The regulator used ten customer files to illustrate its findings; it did not give a total number of customers affected. [1]

According to DNB, Modulr Finance relied heavily on partners that brought in customers, including crypto service providers, and lacked sufficient insight into its own customers. The regulator said very large one-off sums were received without enough clarity about their origin, while the company carried out little or no investigation of those transactions despite the risks. [1]

DNB also said the company’s monitoring system did not adequately cover transfers to high-risk countries, transactions by non-residents or certain unusual patterns. Its thresholds failed to flag large amounts split across several transactions, the regulator said. As a result, indications of possible money laundering and fraud were not identified and reported, or were not identified and reported in time. DNB did not say that either offence had occurred. [1]

DNB initially set the fine at €849,600. It reduced that amount by 15% after Modulr Finance acknowledged the facts underlying the breach, accepted the fine and agreed not to object under a simplified procedure. [1]