ABN Amro Sees Quarterly Loss After $574 Million Settlement
Joost Akkermans, 19 April 2021
ABN Amro Bank NV agreed to pay 480 million euros ($574 million) to end a Dutch investigation that found “serious shortcomings” in the lender’s processes to combat money laundering.
The amount will be booked in the first quarter and the lender expects a “modest” loss as a result, according to a statement on Monday. As part of the settlement, ABN Amro will pay a fine of 300 million euros and a disgorgement of 180 million euros, with the latter reflecting costs the lender had saved, according to the Dutch public prosecutor.
”This settlement marks the end of a painful and disappointing episode for ABN Amro,” Chief Executive Officer Robert Swaak said in the statement.
Swaak, a former PwC Netherlands chairman with experience advising organizations on know-your-customer and anti-money-laundering initiatives, was appointed to the role last year to help the lender move past the probe as well as a tax scandal. He is retreating from large parts of the investment banking business as he focuses on cost cutting and digitization.
