ABN Amro Fined €8.5m over Money-Laundering Checks
DNB said ABN Amro failed to properly monitor high-risk clients, citing warning signs in five files and possible attempts to bypass Russian sanctions.
- De Nederlandsche Bank imposed an €8.5 million fine on ABN Amro on Monday for "serious shortcomings in anti-money laundering controls" between September 2023 and September 2024.
- The regulator identified structural failings in the bank's monitoring of high-risk clients, finding that ABN Amro failed to properly investigate warning signs including large cash withdrawals and attempts to bypass Russian sanctions.
- Accepting the findings and waiving its right to object, ABN Amro secured a 15% reduction from the original €10 million penalty after having relied too heavily on unverified customer statements.
- ABN Amro "acknowledges the seriousness of the failings" and confirmed it has deployed thousands of staff in recent years to strengthen anti-money laundering and counter-terrorist financing procedures.
- This marks another regulatory penalty for the institution, which paid €480 million in 2021 to settle a criminal investigation for failing to prevent money laundering between 2014 and 2020.
15 Articles
15 Articles
Once again, De Nederlandsche Bank has imposed a fine on a bank due to inadequate money laundering controls. ABN Amro must transfer 8.5 million euros because...
ABN Amro has once again been fined for inadequate controls regarding money laundering. The bank did not do enough to stop suspicious transactions. Therefore, De Nederlandsche Bank (DNB) is imposing a fine of 8.5 million euros. According to regulator DNB, ABN Amro handled signals indicating money laundering carelessly. There were indications that the bank's customers were circumventing sanctions against Russia. DNB refers to the use of intermedi…
The Dutch Central Bank (DNB) has reprimanded ABN Amro again for inadequate anti-money laundering supervision. More than five years after the Public Prosecution Service offered a mega-settlement of nearly…
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