Banks bring in new fees for money laundering checks

Photo: Rabobank
Rabobank will introduce the fees shortly. Photo: Rabobank

Companies, foundations and churches are being asked to pay additional banking fees to cover the cost of money laundering investigations, broadcaster NOS noted on Tuesday.

ABN Amro, ING and SNS have already introduced the new fees and Rabobank will follow on next week, NOS said.

Banks say the monthly charge is needed to pay for the extra checks they have to make for money laundering and funding terrorism.

‘The cost for banks have risen considerably in recent years,’ Helène Erftemeijer from the Dutch banking association said. ‘Some 13,000 people are involved in this sort of research and the increasing costs are now being passed on to customers.’

Research by McKinsey for the Dutch payment association last year suggested checks for money laundering are now costing banks more than €700 million a year.

Employers organisations have described the new fees as ‘bizarre and ridiculous’.

‘Companies are already dealing with the nuisance caused by banks because they are taking a stricter than necessary approach to money laundering checks, the VNO-NCW said. ‘And now they are picking up the bill as well.’

Church groups and foundations too are angry about the extra costs, NOS said.


The cabinet is also considering giving banks the power to monitor all consumer transactions involving more than €100, to enable them to better establish spending patterns and spot potential money laundering.

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