Netherland’s third-largest bank is going under investigation for money laundering and terrorism financing. The bank has confirmed that the public prosecutor has launched an investigation and was notified of the investigation on Wednesday.
The public prosecutor claims that ABN AMRO failed to report suspicious transactions on time and did not conduct sufficient checks on its clients.
As per the reports, the investigation was launched based on a report from Dutch central bank DNB. In July, ABN AMRO was asked to review all 5 million of its private clients by the regulator as bank didn’t have their files in order.
Last year in September, ING was fined a record 775 million euros by the regulator for failing reporting suspicious transaction and screening its customers.
Source – NL Times