ABN Amro close to settlement on money laundering probe

Het Financieele Dagblad a Dutch newspaper and one of the establishments involved in the Panama Papers investigation has said this week that prosecutors are close to a settlement with Dutch bank ABN Amro over accusations of lax money laundering controls, including misreporting and not probing suspicious transactions.

ABN Amro has been under investigation since September 2019, has previously said it was cooperating with investigations but has so far refused to comment.

ING a larger rival bank was slapped with a $900 million fine for a sililar case in 2018.

The FD report said prosecutors were considering whether to expand the ABN probe to include any former ABN managers, such as the bank’s former CEO and a former finance minister of the Netherlands.

The bank in August said it had dedicated more than 3,000 employees to anti-money laundering activities, taking its total staff up to more than 19,000.

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