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ABN AMRO on the radar of the Dutch AML Watchdog

Following reports, it seems that the Bank failed to report or unduly delayed reporting suspicious transactions for numerous years, leading to a detailed investigations regarding the AML governance and systems of the Bank.

The Netherlands has seen numerous scandals over the last year after an estimated 13 billion Euros were allegedly laundered by Russian criminals using the financial system.

Following the initial announcement of the investigations the Bank’s shares dropped as much as 9.9%.

As per reported information, the ING 900 Million USD could be an indicator of the potential fine.

This new investigation is part of the EU wide campaign to tackle money laundering within the Union.

Source

https://www.reuters.com/article/us-abn-amro-moneylaundering/abn-amro-hit-by-dutch-money-laundering-investigation-idUSKBN1WB0MT

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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