Sunday 12 July 2020

ABN Amro under investigation for not acting on potential money laundering

The Dutch public prosecution department has launched a criminal investigation into possible money laundering at ABN Amro, the bank said in a short statement on Thursday.

The bank said it had been told about the investigation on Wednesday and that it would cooperate fully. The investigation is being carried under Dutch laws on money laundering and the financing of terrorism known as Wwft.

According to news agency Bloomberg, the probe follows a report made by the Dutch central bank and ABN Amro is suspected of falling to report suspicious transactions over a longer period.

Earlier this year ING was fined €775m for failing to comply properly with the act. ABN Amro said in August at the presentation of its half-yearly figures that it had been ordered by the central bank to look again at all its retail clients.

The Dutch state owns 56% of ABN Amro and finance minister Wopke Hoekstra has asked the bank to explain why he had not been informed earlier about the investigation, the Financieele Dagblad reported.

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