Tagged: fined

ABN AMRO fined 480 million

ABN AMRO Bank said on Monday it would pay 480 million euros (US $575.1 million) in settlement money to end an investigation into its suspected money laundering problem after accepting a settlement offered by Dutch prosecutors.

 

The 480 million euros included 300 million euros in fines and 180 million euros in illegal proceeds recovery, the bank said. This will have an impact on its performance in the first quarter of this year.

 

ABN AMRO said the settlement was related to an investigation into whether it had fulfilled its obligations under the Dutch anti money laundering and anti terrorist financing act between 2014 and 2020.

 

The bank said it had been fully cooperating with the investigation by the Dutch public prosecutor’s office, which found that ABN AMRO had serious shortcomings in its fight against money laundering and that in some cases customers could abuse ABN AMRO’s accounts.