ABN AMRO Bank Agrees To Pay Fine To Settle Anti-money Laundering Investigation In The Netherlands
(RTTNews) - ABN AMRO Bank N.V. (ABNYY.PK) has accepted a settlement offer from the Dutch Public Prosecution Service regarding the anti-money laundering investigation in the Netherlands. The Group agreed to pay a fine of 300 million euros and 180 million euros as disgorgement. ABN AMRO Bank said the total amount of 480 million euros will impact its first quarter results in 2021.
The Dutch Public Prosecution Service identified serious shortcomings in the company's processes to combat money laundering in the Netherlands, such as the client acceptance, transaction monitoring and client exit processes in the period between 2014 and 2020, as a result of which, in certain instances, clients were able to abuse ABN AMRO accounts.
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