Accountants group KPMG has been fined almost €900,000 by the Dutch financial services regulator AFM for ‘insufficient quality and having wrong internal procedures’.

The fines stem from the period February 2008 to July 2009 when the AFM warned KPMG several times its procedures for carrying out checks on listed companies, banks and insurers showed shortcomings.

The organisation says it took steps to meet the AFM’s criticisms in 2009. ‘We have implemented a string of important measures to considerably strengthen our processes, professional culture and practices,’ KPMG accountant Marc Hogeboom is quoted as saying by news agency ANP.