OK regulator? How AI became respectable for AML controls

Dutch court case pressures supervisors to accept new tech; explainability the key challenge

Credit: Risk.net montage

It is not often that a bank takes its own regulator to court. It is even less common for a relatively new bank to be so bold. And it is downright uncommon for the bank in question to pick a fight over the use of new technology. But this is exactly the choice made by bunq, the self-styled “bank of the free”.

Headquartered in the Netherlands and operating online across the European Union, the 10-year-old digital challenger bank appealed against Dutch National Bank (DNB) over a 2021 court judgment

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