ABN Amro has reached a €480m settlement with Dutch prosecutors over anti-money laundering failings, following an investigation that also triggered the resignation of Danske Bank’s chief executive.
The Netherlands Public Prosecution Service on Monday accused ABN of violating anti-money laundering laws “for a number of years and on a structural basis”. It said the bank “must have missed numerous signals of money laundering and other forms of financial-economic crime” due to failures in every business line in its home market.
The bank agreed to pay a €300m fine and a €180m disgorgement that prosecutors said reflected the amount of money the lender saved by failing to meet requirements.
Prosecutors said they were continuing to investigate three former ABN Amro board members who are presumed to be “effectively responsible” for the violation of the anti-money laundering rules, including Chris Vogelzang, who was appointed Danske Bank chief executive in June 2019.
The original full article can be found at ft.com