One of the Largest Dutch Banks Is under Investigation for Money Laundering

World | September 26, 2019, Thursday // 15:15
Bulgaria: One of the Largest Dutch Banks Is under Investigation for Money Laundering

The Dutch prosecutor's office is investigating ABN Amro on suspected breaches of anti-money laundering and terrorist financing legislation, Reuters and the Associated Press reported.

The bank said it would fully cooperate with the authorities. Its shares plummeted by more than 9 percent when the stock market opened in Amsterdam.

According to the prosecutor's office, ABN Amro, which is one of the largest banks in the Netherlands, reported suspicious transactions too late or hadn’t done it at all. In addition, the bank failed to properly investigate customer behaviour and failed to timely connect with suspicious customers, investigators say.

The prosecutor's office did not specify for how long and when the alleged violations were committed.

Earlier this year, ABN Amro reported that the Dutch central bank had ordered it to check all customers using its retail banking services for possible financial crimes as part of a government campaign, BTA recalls.

A year ago, Dutch bank ING was fined a record $ 900 million for failing to detect criminal activity through its accounts, including bribes paid to foreign officials, Reuters said.

In the months following the imposition of ING's fine, Amro said that it had stepped up its anti-money laundering measures, costing it nearly 200 million euros and involving more than 1,000 employees.

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Tags: ABN AMRO, investigation, money laundering, bank, Dutch
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