ABN Amro Bank and ABN Amro Clearing Bank have been penalised by the Netherlands Authority for the Financial Markets (AFM) for failing to comply with MiFID regulations.

According to MiFID regulations, banks need to submit transaction in listed financial instruments to the regulator.

ABN Amro Clearing Bank has failed to report 11,911 such transactions, mainly carried out on the Stuttgart Exchange, between 13 September 2014 and 11 April 2016. The entity was fined €500,000 by the watchdog for the reporting failure.

ABN Amro Bank was fined €400,000 for failing to notify the regulator regarding details of 86,796 transactions between 2 February 2010 and 1 July 2015. The transactions were conducted by the bank’s various departments and across different trading platforms.

AFM reduced the fine amount for ABN Amro Bank as the latter discovered the breach on its own and notified it to the regulator. Both the companies did not object to AFM’s ruling.

Earlier this year, ABN Amro’s card business was fined €2.4m by AFM for offering excessive credit limits to its clients.