THE HAGUE, Netherlands — ABN AMRO has agreed to pay 480 million euros ($574 million) as a part of a settlement with prosecutors who accused the Dutch state-owned financial institution of “severe shortcomings” in tackling cash laundering, prosecutors and the financial institution stated Monday.
The settlement was made up of a 300 million-euro fantastic and 180 million euros paid to cowl “unlawfully obtained beneficial properties,” prosecutors stated.
The fantastic “displays that because of the intense shortcomings, sure purchasers that engaged in … felony actions had been capable of abuse financial institution accounts and different companies of ABN AMRO for an extended time frame,” the Dutch Public Prosecution Service stated in a press release.
ABN just isn’t the primary main Dutch financial institution to agree a multimillion euro settlement over lax adherence with a legislation aimed toward clamping down on cash laundering and terrorism financing. In 2018, ING paid 775 million euros ($897 million) t o settle an enormous cash laundering case.
Prosecutors stated Monday that the ABN AMRO’s breaches are attributed to the financial institution, however added that their investigation additionally recognized three former members of its board who “presumably are successfully accountable” for the violations. It didn’t determine the three and stated investigations are persevering with into whether or not there’s enough proof to prosecute them.
Nonetheless, in Denmark Danske Financial institution stated its CEO Chris Vogelzang had resigned after being named as one of many suspects. Gerrit Zalm, a former Dutch finance minister and ex-ABN AMRO board member, additionally give up Danske Financial institution’s board.
Vogelzang stated he was shocked by the Dutch probe.
“I left ABN AMRO greater than 4 years in the past and am comfy with the truth that I managed my administration duties with integrity and dedication,” he stated. “My standing as a suspect doesn’t suggest that I shall be charged.”
ABN AMRO stated in a press release that it “deeply regrets the scenario and acknowledges the seriousness of the matter, and that it has fallen brief within the fulfilment of its function as gatekeeper aimed toward combatting cash laundering.”
CEO Robert Swaak added: “That is unacceptable and we take full duty for this.”
Jan M. Olsen in Copenhagen, Denmark, contributed.
Mike Corder, The Related Press