Friday, October 23, 2020

ABN Amro directors questioned over money laundering activities at the bank

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ABN Amro‘s full board of directors was questioned by the Tax Authority’s investigative department FIOD over the past months in an ongoing investigation into money laundering at the bank, sources reported to De Telegraaf.

According to the newspaper, the interrogations – some of which happened via video call due to the coronavirus crisis – were quite grim, with board members being threatened with legal action if they do not cooperate sufficiently in the investigation.

The executives were pressured to confess to criminal acts, and even pressured to give up their statutory right to remain silent, according to the Telegraaf’s sources.

In September last year the Public Prosecution Service announced that it was investigating ABN Amro for money laundering and terrorism financing.

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The bank was suspected of reporting suspicious transactions late or not at all. This followed a month after Dutch central bank DNB reprimanded ABN Amro for not having its client files in order, and ordered the bank to screen all 5 million of its existing private customers for signs of financial crimes.

In February of this year, ABN Amro announced that it dedicated 2 thousand employees to the detection of financial crimes like money laundering. The bank also said that it would cooperate fully in the authorities’ investigation.

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