ABN Amro latest European bank in money-laundering probe

ABN Amro latest European bank in money-laundering probe

ABN Amro, the Netherlands-based bank, is facing a criminal probe into allegations of a lack of anti-money laundering controls. 

The bank joins Sweden's Danske and Germany's Deutsche Bank among European banks recently alleged to have failed to adequately probe suspicious transactions. 

The prosecutor's office said of ABN Amro: "Allegedly [ABN Amro] has not carried out client due diligence sufficiently, was insufficiently monitoring bank accounts and did not report unusual transactions, or reported them too late.

The bank said, "ABN Amro will cooperate fully with the investigation", though declined to provide further information.

Earlier on Thursday the Dutch finance minister Wopke Hoekstra said: "It's extremely worrying that ABN Amro is under investigation by prosecutors. Banks have an important gatekeeper function in keeping criminals out."

Shares in ABN Amro were down 9% in afternoon trading.


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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.