April 19th ABN Amro said in a statement that it had accepted a settlement offer from the Dutch Public Prosecutor’s Office in its anti-money laundering investigation. To that end, ABN Amco will pay 480 million euros to the Public Prosecutor’s Office, of which 300 million euros will be fines and 180 million euros will be returned for improper gains.
Pursuant to the Dutch Anti-Money Laundering and Counter-Terrorism Financing Act, the Dutch Public Prosecutor’s Office found that between 2014 and 2020, ABN Amco had a serious anti-money laundering loophole in the management of the entire customer life cycle, from customer receipt to customer withdrawal. In response, ABN Amn acknowledged the seriousness of the problem and said it had set up a dedicated financial crime investigation unit to enforce stricter regulation.
Headquartered in Amsterdam, ABN Amur was formed by the merger of the former Dutch General Bank and the Amsterdam-Rotterdam Bank in 1991. ABN Amro was nationalised after the 2008 financial crisis and merged with Fortis’ Dutch operations to form the new dutch bank.
