ABN Amro will pay 480 million to settle an investigation for failures in the fight against money laundering

The Dutch prosecutor’s office found serious deficiencies in the entity’s processes to combat money laundering in the Netherlands.

Offices of an ABN Amro subsidiary in Munich, Germany.

The dutch bank ABN Amro has agreed to pay a fine of 480 million euros to resolve an investigation by the Dutch authorities into deficiencies in the fight against money laundering and terrorist financing in the entity between 2014 and 2020, as reported by the credit institution.

The Dutch prosecutor’s office had detected in its investigation serious deficiencies in ABN Amro’s processes to combat money laundering in the Netherlands, such as client acceptance, transaction monitoring and client exit processes in the period between 2014 and 2020, as a result of which, in certain cases, the bank’s clients were able to abuse ABN Amro accounts.

As part of the agreement reached with the Dutch authorities, ABN Amro undertakes to pay a fine of 300 million euros, as well as to pay another 180 million euros as reimbursement.

“The amount of the fine reflects the seriousness, scope and duration of the deficiencies identified,” the bank said, warning that this figure will have an impact on its accounts in the first quarter of 2021.

“As a bank, we not only have a legal duty, but also a moral one, to do everything possible to protect the financial system against abuse by criminals”, admitted the CEO of ABN Amro, Robert Swaak, for whom this agreement “marks the end of a painful and disappointing episode for ABN Amro.”

Cambio the CEO and Danske

Furthermore, Danske Bank, Denmark’s largest lender, has announced the appointment with immediate effect of Carsten Egeriis as the new CEO of the entity replacing Chris Vogelzang, who has resigned from the position, which he assumed in June 2019, after being related in the Netherlands to the case of alleged money laundering during his time at ABN Amro.

The Danish bank had resorted in 2019 to the appointment of the Dutch Vogelzang as the bank’s chief executive after being involved in a money laundering scandal through its Estonian subsidiary.

“I am very surprised by the decision of the Dutch authorities. I left ABN Amro more than four years ago and I feel comfortable with the fact that I handled my management responsibilities with integrity and dedication.Vogelzang has pointed out, who has stressed that his status as a suspect does not mean that he is finally charged with any charge.

“However, given the special situation Danske Bank finds itself in and the intense scrutiny the bank finds itself in, particularly in relation to the fight against money laundering as a consequence of the still unresolved Estonian issue, I do not want you to speculation about me gets in the way of Danske Bank’s continued development, “he added.