Brian Monroe, 28 April 2021
Dutch authorities have hit the third largest bank in the Netherlands with a penalty of more than a half a billion dollars for longstanding failings in nearly every area of its fincrime compliance program, including lax customer risk scoring, shoddy alert investigations and missed reports of potential suspicious activity.
The Netherlands Public Prosecution Service (NPPS) has settled its probe into Amsterdam-based ABN Amro Bank for 480 million euros, or just less than $583 million, for falling “seriously short” of anti-money laundering (AML) compliance program requirements and being considered “culpable” in aiding criminal groups in cleansing ill-gotten gains. Continue reading “Article: Regional Report – Netherlands: One of country’s largest banks, ABN Amro, pays nearly $600 million penalty for longstanding AML failings, lax risk ranking, missed reports on suspicious activity”
