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Rabobank allocates hundreds of millions of euros to improve anti-money laundering policy | Economy

In response to instructions from De Nederlandsche Bank (DNB), Rabobank is allocating an extra 249 million euros to improve its anti-money laundering policy. According to the bank, the money is needed for, for example, eliminating backlogs in customer surveys and monitoring transactions.




Rabobank already announced in November that DNB would start an enforcement process because of the shortcomings in combating money laundering. The outcome of this is still unknown.

The bank has also made a provision of 333 million euros for offsetting loan products with a variable interest rate. It was already known that Rabobank would come up with a compensation scheme for customers who previously paid too much interest on certain loans.

Rabobank previously said that the scheme probably involved about 100 million euros, excluding costs for interest on interest and implementation costs. But a final amount would follow later.

Rabobank allocates hundreds of millions of euros to improve anti-money laundering policy | Economy
Source link Rabobank allocates hundreds of millions of euros to improve anti-money laundering policy | Economy

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