The Dutch National Bank has fined Rabobank slightly more than €1 million for keeping inaccurate anti-money-laundering files over an undisclosed period of years that ended in 2016.

Such fines are usually shrouded in mystery as, according to Rabobank's head of media relations, "in the Netherlands the regulator doesn't disclose this type of fine and the banks don't either." The news came to light after some leaked information found its way into the hands of the Dutch press.

When asked whether the fine concerned sub-standard know-your-customer or KYC controls, bad AML controls and imprecise information about the beneficial ownership of companies, the Rabobank spokesman said: "Well, it's mixed up a little. It's all related to KYC. The bank should have looked at each ultimate beneficial owner and the purpose of the company." When asked whether the files concerned companies or people, he said: "It's files in general."

He went on to explain that the bank's compliance effort was set up in a manner dictated by the regulator - with a compliance policy department that drafts all the policies and an operations team (including money-laundering people) that puts them into practice.

The regulator issued the fine in September but the press has only publicised the story now. The spokesman said that the bank was not revealing the length of the relevant period.