De Nederlandsche Bank (DNB) has imposed a fine of €8.5 million (USD$9.7 million) on ABN Amro after finding structural weaknesses in the way the bank monitored some of its higher-risk customers.
The penalty was issued under the Netherlands' Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) and concerns ongoing-monitoring failings between September 2023 and September 2024. DNB said ABN Amro had not adequately investigated or acted on clear risk signals across part of its higher-risk client base. To illustrate the failings, the regulator drew on five customer files in which warning signs had gone unaddressed. These spanned heavy reliance on cash withdrawals, dealings tied to high-risk jurisdictions, unusually large and repeated commission fees, and activity that could have served to evade the sanctions imposed on Russia.
The action relates to the effectiveness of the bank's transaction-monitoring controls rather than to any single proven case of money laundering. The €8.5 million figure reflects a 15% reduction from an initial €10 million penalty. DNB applied that discount because ABN Amro chose to resolve the matter through a simplified settlement, accepting the regulator's findings and giving up its right to object. ABN Amro has accepted the penalty and says it has since strengthened its anti-money laundering processes.
