ABN Amro to settle AML investigation for €480 million

ABN Amro the Dutch banking giant said on Monday that it had reached the €480m settlement over money laundering allegations, which will impact its Q1 results.

The bank agreed to pay a fine of 300 million euros and 180 million euros as disgorgement meant to reflect “the seriousness, scope and duration of the identified shortcomings” in preventing and actively fighting money laundering.

Accusations first arose in September 2019 with prosecutors putting ABN Amro on the spot regarding checks on accounts involved in money laundering and further, failing to end relations with clients deemed to be suspicious there were also accusations of failing to report such matters in a timely manner to the relevant authorities.

The current investigation started just one year after rival Dutch bank ING paid a record 775 million euros to settle a similar case.

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

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