Article: Danske Bank CEO Quits Amid Dutch Probe of Laundering Allegations

Article - Media, Publications

Danske Bank CEO Quits Amid Dutch Probe of Laundering Allegations

Frances Schwartzkopff and Joost Akkermans, 19 April 2021

Danske Bank A/S is replacing Chris Vogelzang as chief executive officer after a Dutch money-laundering investigation implicated the former ABN Amro Bank NV executive, complicating the Danish lender’s efforts to get past its own scandal.

Vogelzang, who had run Denmark’s biggest bank for less than two years, will be replaced by Danske’s head of risk management, Carsten Egeriis. The move comes after authorities in the Netherlands named Vogelzang “a suspect in connection with their investigations of potential violations of Dutch legislation relating to the prevention of money laundering at ABN Amro,” Danske said. Continue reading “Article: Danske Bank CEO Quits Amid Dutch Probe of Laundering Allegations”

Article: ABN Amro Sees Quarterly Loss After $574 Million Settlement

Article - Media, Publications

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. Continue reading “Article: ABN Amro Sees Quarterly Loss After $574 Million Settlement”