ABN AMRO to pay $575M in money laundering settlement with Dutch authorities
Jaclyn Jaeger, 19 April 2021
Dutch bank ABN AMRO on Monday reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service (NPPS) to resolve money laundering charges.
The NPPS first informed ABN AMRO in 2019 the bank was the subject of a criminal investigation relating to potential violations of the Dutch Anti-Money Laundering and Counter Terrorism Financing Act (AML/CTF Act). Recently, the NPPS added new charges of “damaging money laundering” to the case.
As part of the settlement agreement, ABN AMRO will pay a fine of €300 million (U.S. $359 million) and €180 million (U.S. $216 million) in disgorgement, which reflects the seriousness, scope, and duration of the identified shortcomings, the NPPS said. Following numerous investigations into ABN AMRO’s compliance with the AML/CTF Act, the agency determined the bank engaged in several “structural and serious” violations and “culpable money laundering” from 2014 to 2020.
