After ING and ABN Amro, another bank in the Netherlands may be prosecuted for failing to check money laundering. The Telegraph reports Friday based on information from regulator De Nederlandsche Bank (DNB) and a letter to parliament from outgoing Minister of Finance Wopke Hoekstra (CDA) that the Public Prosecution Service has opened a criminal investigation in response to signals about moderate money laundering controls.
The bank involved has not been disclosed. Rabobank is one of the three largest banks in the Netherlands, next to ING and ABN Amro, followed by the smaller Volksbank. according to The Telegraph however, it can also be a foreign bank with a license in the Netherlands. It is unclear at what stage the criminal investigation is and when more will become known about the possible consequences. The cases against ING and ABN Amro ended with settlements in which the banks had to pay hundreds of millions of euros.
Since the settlement with ING in September 2018, DNB has imposed ten ‘formal enforcement measures’ on banks that did not have their money laundering controls in order. According to Hoekstra and DNB, awareness in the banking sector has grown in recent years. “The sector has invested heavily in extra people and resources to better fulfill this role,” said Hoekstra in his letter to the House of Representatives.
Also read: Banks do their best, but ‘you can never get rid of the virus of wrong money’
Possible third bank prosecuted for defective money laundering checks
Source link Possible third bank prosecuted for defective money laundering checks