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

Article - Media, Publications

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

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”

Article: ABN AMRO to pay $575M in money laundering settlement with Dutch authorities

Article - Media, Publications

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. Continue reading “Article: ABN AMRO to pay $575M in money laundering settlement with Dutch authorities”