ABN AMRO accepted settlement offer in the anti-money laundering investigation in the Netherlands
19 Aprile 2021 - 07:30AM
ABN AMRO accepted settlement offer in the anti-money laundering
investigation in the Netherlands
ABN AMRO accepted
settlement offer in the
anti-money laundering investigation in the
Netherlands
Today ABN AMRO Bank N.V. (ABN AMRO) announced
that it has accepted a settlement offer from the Dutch Public
Prosecution Service (DPPS) in connection with the previously
announced investigation by the DPPS into ABN AMRO's compliance with
its obligations under the Dutch Anti-Money Laundering and Counter
Terrorism Financing Act (Wet ter voorkoming van witwassen en
financiering van terrorisme, AML/CTF Act) between 2014 and 2020. As
part of this settlement, ABN AMRO will pay EUR 480 million.
ABN AMRO fully cooperated with the DPPS
throughout the investigation. Based on the investigation, the DPPS
identified serious shortcomings in ABN AMRO's processes to combat
money laundering in the Netherlands, such as the client acceptance,
transaction monitoring and client exit processes (the so-called
'Client Life Cycle' processes) in the period between 2014 and 2020,
as a result of which, in certain instances, clients were able to
abuse ABN AMRO accounts.
ABN AMRO deeply regrets the situation and
recognises the seriousness of the matter, and that it has fallen
short in the fulfilment of its role as gatekeeper aimed at
combatting money laundering. ABN AMRO will continue to make every
effort to fulfil its role as gatekeeper.
ABN AMRO CEO Robert Swaak: "As a bank we do not
merely have a legal, but also a moral duty to do our utmost to
protect the financial system against abuse by criminals. In
fulfilling this duty, we aim to make a meaningful contribution to a
safer society. Regretfully, I have to acknowledge that in the past
we have been insufficiently successful in properly fulfilling our
important role as gatekeeper. This is unacceptable and we take full
responsibility for this."
In recent years, ABN AMRO had itself already
identified shortcomings in the way it implemented its 'Client Life
Cycle' processes. To address these shortcomings, the bank has
prioritised remediation and enhancement programmes in each of the
business lines of the bank over the years, as well as bank-wide
with respect to transaction monitoring. ABN AMRO has invested
heavily in these remediation and enhancement programmes over
several years, including investments in its systems and the growth
of its staff . Unfortunately, ABN AMRO has to recognise that,
despite all of its efforts and intentions, its improvement
programmes have not always had the desired effect, and that several
shortcomings, some of which serious, have been identified in its
'Client Life Cycle' processes.
In response to the identified shortcomings in
its 'Client Life Cycle' processes and in order to address
increasingly strict regulations and continuously evolving forms of
financial crime, ABN AMRO decided to centralise the execution of
the 'Client Life Cycle' processes in October of 2018. To this end,
ABN AMRO set up the Detecting Financial Crime (DFC) programme and
made substantial additional (financial) resources available for
investments in staff, systems and processes. The DFC programme is
progressing according to the timetable as agreed upon with DNB, and
the programme is expected to be completed by the end of 2022. By
the end of 2020, the total number of full-time employees involved
in ABN AMRO's 'Client Life Cycle' processes had increased to 3,800
(one in five jobs at ABN AMRO). The bank is convinced that its
current approach is the right way to systematically remediate
shortcomings across the bank, and to embed this remediation in its
day-to-day operations. Besides this, ABN AMRO is also actively
involved in various public-private partnerships aimed at of
contributing to safer society.
As part of the settlement announced today, ABN
AMRO agrees to pay a fine of EUR 300 million and
EUR 180 million as disgorgement. The amount of the fine
reflects the seriousness, scope and duration of the identified
shortcomings. The amount of the disgorgement reflects the amount of
costs that ABN AMRO saved according to the DPPS. The total amount
of EUR 480 million will impact the bank's first quarter results in
2021.
Robert Swaak: "This settlement marks the end of
a painful and disappointing episode for ABN AMRO. The lessons we
have learned from this experience drive us in our continued effort
as gatekeepers to achieve a safer society and a financial system
that meets the highest standards of integrity."
ABN AMRO Press
Relations ABN
AMRO Investor RelationsJarco de Swart
Ferdinand Vaandrager
Media
Relations & Public Affairs
Investor Relationspressrelations@nl.abnamro.com
investorrelations@nl.abnamro.com+31 20
6288900
This press release was published by ABN AMRO Bank N.V. and
contains inside information within the meaning of Article 7(1) to
(4) of the Regulation (EU) No 596/2014 (Market Abuse
Regulation)
- ABN AMRO accepted settlement offer in the anti-money laundering
investigation in the Netherlands
- Settlement Agreement ABN AMRO Guardian
- Statement of Facts - ABN AMRO Guardian
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