Rabobank fined over poor anti-money laundering controls, KYC, beneficial ownership
15 Feb 2019

Dutch lender Rabobank has been fined just over €1 million over its anti-money laundering controls, including know your customer (KYC), customer due diligence (CDD) and beneficial ownership issues.

The penalty was issued by the Dutch regulator, the Dutch National Bank (DNB), which reviewed the bank’s files for some years up to 2016, a Rabobank spokesman said.

“This was related to our customer files, for example, just to be sure who is the customer, their purpose and the ultimate beneficiary. To be clear we were not fined for money laundering crimes, but rather for our files or records on standard checks to prevent money laundering,” the spokesman told KYC360.

“Since then we have made a lot of improvements in our Compliance department, which includes anti-money laundering. We have invested several hundred million euros in this field.”

The fine was issued in September 2018, however it was not announced.

“In the Netherlands it is common for the regulator not to announce fines. We did not announce it at the time either,” the spokesman said.

DNB declined to comment.

– Irene Madongo

You can claim CPD minutes for this content, by signing up to our CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.