[ad_1]
ABN Amro has reached a € 480 million deal with Dutch prosecutors for money laundering failures, following an investigation that has also triggered the resignation of Danske Bank chief executive.
ABN said Monday that prosecutors had found “serious shortcomings in ABN Amro’s processes for combating money laundering in the Netherlands, such as customer acceptance, transaction tracking and customer exit processes,” and who had established a plan to improve their processes.
The Dutch Public Prosecutor’s Office said that “several customers engaged in criminal activities were able to abuse ABN Amro’s bank accounts and services for a long time”.
The settlement of 480 million euros consists of a fine of 300 million euros and 180 million euros of disbursement, which reflect the savings that the bank made from its inadequate controls. The problems occurred between 2014 and 2020.
Chief Executive 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 a guardian. This is unacceptable and we take full responsibility for it. “
Three former members of ABN Amro’s board have been identified as suspects in an investigation by prosecutors. One of them, Chris Vogelzang, resigned on Monday as CEO of Danish bank Danske Bank.
The move is a disgrace to Danske, who took Vogelzang as an outsider to clean up his own money laundering scandal, one of the biggest ever discovered.
Danske, who is being investigated by U.S. authorities and faces a significant fine, appointed his risk officer Carsten Egeriis to replace Vogelzang.
Vogelzang said he was “surprised” by prosecutors’ decision to name him a suspect, four years after he left ABN Amro, but stressed he did not imply that he was charged. He stressed that he was “comfortable with the fact that I was managing my management responsibilities with integrity and dedication.”
He added: “Given the special situation in Danske Bank and the intense control that the bank has, especially in relation to money laundering as a result of the unresolved Estonian issue, I do not want to s “I speculate on myself the path of Danske Bank’s continued development. So I feel the only right thing to do is leave.”
Vogelzang took over as Danske’s chief of staff in June 2019, three months before ABN Amro revealed to him the investigation by Dutch prosecutors.
[ad_2]
Source link
