AMSTERDAM, (Reuters) – The Dutch cooperative Rabobank announced Monday that the Dutch central banking had ordered it to improve its customer due diligence procedures and is now facing a “punitive enforcement process.”

Rabobank released a statement stating that on Oct. 12, it was given instructions by De Nederlandsche Bank, (DNB), to correct deficiencies in the bank’s compliance with anti-money laundering laws. According to Rabobank, it is too soon to know if the fine would be imposed.

Rabobank stated in a statement that “these deficiencies mainly concern execution, recording, outsourcing client due diligence and transaction monitoring, reporting on unusual transactions,”

These are the two largest Dutch banks. ING Groep (AS-:) NV & ABN Amro each settled multimillion-euro cases with public prosecutors in relation to similar failures over the years. Both banks were warned by the DNB about their weak enforcement of anti-money-laundering practices ahead of the settlements.

Dutch public prosecutor’s offices declined to discuss whether they were involved in Monday’s DNB disclosure.

Rabobank spokesmen said they do not know if the bank is being investigated by prosecutors.

According to the spokesperson, “It is up the authorities.” “We don’t know. We aren’t aware of [involvement in prosecutors] but we don’t know what will happen next.”

September 2018: ING admits that criminals were able to use its accounts to conceal money and agrees to pay 775 millions euros ($900,000,000) as a settlement.

ABN paid 480m euros to settle similar claims that it failed to adequately monitor the transactions of its customers in April 2021.

In a statement, Wiebe Draijer, Chairman of Rabobank said that the bank views the role as a gatekeeper in the financial system and is therefore committed to society.

We remain committed to and will continue to invest in the KYC (know your Customer) program.”