ABN Amro has secured a 480 million euro settlement against money laundering
ABN Amro has reached a € 480 million deal with Dutch prosecutors for failing to launder money, following an investigation that also led to the resignation of Danske Bank’s CEO.
ABN said on Monday that the prosecutor had “found serious shortcomings in tackling money laundering in the Netherlands in ABN Amro’s processes, such as customer acceptance, transaction monitoring and customer exit processes,” and put in place a plan to improve its processes.
The Netherlands Prosecutor’s Office said that “several customers involved in criminal activities have been able to abuse ABN Amro’s bank accounts and services for a long time”.
The settlement of 480 million euros is made up of a fine of 300 million euros and a disorder of 180 million euros, which reflects the savings made by the bank due to poor controls. The problems occurred between 2014 and 2020.
CEO Robert Swaak said: “Unfortunately, I have to admit that in the past we have not been successful enough to properly fulfill our important role as goalkeepers. This is unacceptable and we take full responsibility for it.”
Three former members of ABN Amro’s management have been identified as suspects in an investigation by prosecutors. One of them, Chris Vogelzang, resigned as CEO of Danske Bank in Denmark on Monday.
The move is embarrassing for Danske, who introduced Vogelzang as an outsider to clean up his own money laundering scandal, one of the biggest ever revealed.
Danske, who is being investigated by the US authorities and is undergoing a major fine, has appointed Carsten Egeriis as his main risk manager to replace Vogelzang.
Vogelzang said he was “surprised” by the prosecutor’s decision to appoint the suspect four years after ABN Amro left, but stressed that he would not be involved in the indictment. He stressed that he is “pleased with what I have managed the management responsibilities with integrity and dedication”.
He added: “Given the unique situation of Danske Bank and the rigorous analysis of the bank, especially with regard to money laundering as a result of the still unresolved Estonian problem, I do not want any speculation about myself in the way of Danske Bank’s continued development. the only thing I have is to leave me. “
Vogelzang began his job as head of Dansk in June 2019, three months before Dutch prosecutor ABN Amro reported the probe.