ABN Amro fined €8.5m over money laundering control failures

The Dutch central bank (DNB) has fined ABN Amro €8.5 million for serious failings in the way it checked high-risk customers, saying the bank did not investigate potential money laundering – some of which is connected to Russia – thoroughly enough.

The fine, imposed on Monday, covers failures to monitor some high-risk clients between September 20 2023 and September 9 2024.

DNB  said ABN failed to properly examine warning signs including large cash withdrawals by private individuals, transactions with high-risk countries and sizeable, frequent commission payments.

Some files also suggested clients might be dealing in “dual use” goods – items with both civilian and military uses that face export controls – and could be helping to circumvent sanctions against Russia through intermediaries, the regulator said.

The bank had leaned too heavily on customers’ own statements without verifying them, DNB said, and closed some investigations despite higher risks and missing information.

The penalty was originally set at €10 million but cut by 15% under a simplified settlement, after ABN Amro accepted the findings and waived its right to object.

ABN Amro said it acknowledged the errors and was working on corrective measures, according to broadcaster NOS.

It said it had deployed thousands of staff in recent years to strengthen its anti-money laundering controls.

It is not the first time the bank has been penalised. In 2021 ABN Amro paid €480 million to settle a criminal investigation out of court, after prosecutors found it had done too little to prevent money laundering between 2014 and 2020.