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”
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”
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”
Danske could absorb $3.3B money-laundering fine and still hit own CET1 target
Sanne WassRehan Ahmad, 29 March 2021
Danske Bank A/S’ capital levels and projected first-quarter earnings imply that it could withstand a money-laundering fine of 20.9 billion kroner, or $3.3 billion, today and still achieve its management common equity Tier 1 ratio target of 16%, according to S&P Global Market Intelligence estimates.
Even a penalty of more than double that size would still leave Denmark’s largest lender above its current regulatory requirement, the analysis found. “There is a long way to go before the fine becomes an issue for the bank’s capital ratio,” said Jyske Bank equity analyst Anders Vollesen in an interview.
Danske’s material capital buffer is driving down risk associated with the outcome of its Baltic dirty money scandal, according to analysts, with some even seeing scope for distribution of excess capital to shareholders through generous dividends or share buybacks once the case is settled. Continue reading “Article: Danske could absorb $3.3B money-laundering fine and still hit own CET1 target”