ABN Amro to settle money laundering probe for €480 million
19 Apr 2021

Dutch bank ABN Amro on Monday said it had reached a 480-million-euro ($574 million) settlement with prosecutors in the Netherlands over money laundering allegations, which will impact its first-quarter results.

ABN Amro said in a statement it had agreed to pay a fine of 300 million euros and 180 million euros as disgorgement reflecting “the seriousness, scope and duration of the identified shortcomings” in combating money laundering.

The investigation into ABN started a year after fellow Dutch bank ING paid a record fine of 775 million euros to settle a similar case.

Prosecutors in September 2019 accused ABN Amro of failing to spot accounts involved in money laundering, failing to end relations with suspicious clients and failing to report such transactions to the relevant authorities.

“This settlement marks the end of a painful and disappointing episode for ABN Amro,” Chief Executive Robert Swaak said.

By Anthony Deutsch and Bart Meijer, Reuters, 19 April 2021

Read more at Reuters

Read the Settlement Agreement and Statement of Facts here

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