ABN Amro failed to bring in structural fraud checks until 2019: FD
23 Mar 2021

ABN Amro did not have proper checks on potential fraud and money laundering in place until well into 2019, the Financieele Dagblad said on Monday.

This is around a year after ING reached an out of court settlement with the public prosecution department over its regulatory failures, which should have alerted executives to the risks, the paper said.

The Dutch central bank had been emphasising the importance of extra checks since 2016.

The public prosecution department and finance ministry investors have been looking into money laundering and potential terrorism financing at ABN Amro since 2019 and last week expanded the probe to include debt laundering.

Read more at DutchNews.nl

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