ABN AMRO Bank to pay EUR 480 mln for suspect fraudulent activities

Monday 19 April 2021 12:19 CET | News

Netherlands-based ABN AMRO Bank has been obliged to pay EUR 480 million on account of serious shortcomings in money laundering prevention.

The bank has accepted the settlement offered by the Netherlands Public Prosecution Service (NPPS). The NPPS has accused ABN AMRO of having violated the Anti-Money Laundering and Counter Terrorism Financing Act for a number of years and on a structural basis in its activities in The Netherlands.

As the report says, this happened in such a way that the bank is also accused of culpable money laundering. According to the NPPS, with this settlement, ABN AMRO is taking accountability for the criminal acts identified by the NPPS. The criminal investigation into natural persons is continuing. Three natural persons have now been identified as suspects effectively responsible for violation of the AML/CTF Act by ABN AMRO. They are former members of ABN AMRO’s board of directors.

Because ABN AMRO fell seriously short of compliance with the AML/CTF Act, various clients engaged in criminal activities and were able to abuse bank accounts and services of ABN AMRO for a long time.

According to the NPPS, ABN AMRO should have observed that certain flows of money through bank accounts held at the bank possibly originated from crime. The bank failed to act upon this sufficiently. The NPPS reproaches the bank of violating the AML/CTF Act and culpable money laundering.

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Keywords: banks, fraud detection, money laundering, AML
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: Netherlands
This article is part of category

Banking & Fintech