Friday, October 30, 2020

Tough money laundering regulations force collaboration among Dutch banks


Five of the biggest banks in the Netherlands are looking into the creation of a joint body to monitor payment transactions and fight money laundering.

ABN Amro, ING, Rabobank, Triodos Bank and Volksbank plan to spend the next six months looking into the technical and legal feasibility of a “transaction monitoring Netherlands” outfit.

The move comes in the wake of Dutch government promises of a tougher approach to money laundering. Around 16 billion euros of criminal money is estimated to be circulating in the Netherlands, most of which is connected to the drugs trade.

Last year, the banks reported 68,000 unusual transactions to the Dutch Financial Intelligence Unit, which deemed 15,000 as suspicious. They argue that by combining their efforts it will be easier to spot flows of criminal funds.

ABN Amro’s Kees van Dijkhuizen says: “I’m very pleased that we’re taking the first step, together with the other banks, towards potentially setting up an organisation to monitor payment transactions. This is a key development in protecting the integrity of the Dutch financial system.”

- Advertisement -
- Advertisement -
- Advertisement -


FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

South Korea’s former Vice Justice Minister sentenced to jail for bribery and sexual favors

Former Vice Justice Minister Kim Hak-eui, the figure at the center of one of Korea’s biggest political sex scandals, was placed under pretrial detention...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World


Latest News

This Week

Bribery trial of former San Angelo police chief Tim Vasquez delayed until 2021

The trial of former San Angelo police chief Tim Vasquez will not happen until 2021, according to court documents. The trial, originally set for...

Texas AG Ken Paxton fires second whistleblower who accused him of bribery

A second whistleblower has been fired from the Texas attorney general’s office after reporting his boss, Texas Attorney General Ken Paxton, to law enforcement for...

Two U.S. Navy service members get prison for defrauding military insurance program

Two U.S. Navy service members were sentenced in San Diego federal court Friday for their roles in an insurance fraud scheme that involved making false medical claims to...

Spanish police arrests operator of Crypto Arbitrage firm Arbistar on fraud charges

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks