ABN AMRO has been handed an administrative fine of €8.5m by De Nederlandsche Bank (DNB) after the regulator uncovered structural weaknesses in the way the bank carried out due diligence on a portion of its high-risk customer base.
The penalty stems from a DNB investigation covering the period between 20 September 2023 and 9 September 2024, during which the supervisor examined a selection of customer files and found recurring failures in the bank’s anti-money laundering (AML) checks. The lender has confirmed it will not contest the decision and has accepted the fine.
Since the regulator flagged the issues, ABN AMRO has moved to introduce additional remediation measures aimed at making its AML processes more effective. The bank said it accepts both DNB’s conclusions and the factual findings drawn from the files under review, and acknowledged the gravity of the failures identified.
The bank expressed regret that the examined files fell short of the standards required of it in protecting the integrity of the financial system, noting the gatekeeping responsibilities it holds and the trust placed in it by wider society.
ABN AMRO added that it has spent recent years working to upgrade its financial crime controls, an effort involving thousands of employees and conducted in close coordination with supervisory authorities. Looking ahead, the lender pledged to keep bolstering the resilience of its AML framework so that it meets the expectations of regulators, customers and the public.
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