- Advertisement -Newspaper WordPress Theme
InvestmentsRabobank faces punishment over customer anti-money-laundering checks By Reuters

Rabobank faces punishment over customer anti-money-laundering checks By Reuters

© Reuters. FILE PHOTO: The Rabobank brand is seen at its headquarters in Utrecht, Netherlands August 21, 2018. REUTERS/Eva Plevier/File Photo

AMSTERDAM (Reuters) – Dutch cooperative Rabobank stated on Monday it had been ordered by the Dutch central financial institution to repair its customer due diligence practices and that it’s dealing with a “punitive enforcement procedure.”

In a press release, Rabobank stated it had acquired an instruction from De Nederlandsche Bank (DNB) on Oct. 12 to treatment deficiencies in its compliance with legal guidelines in opposition to cash laundering. It stated it was too early to say whether or not the process would lead to a effective.

“These deficiencies mainly concern the execution, recording and outsourcing of client due diligence, transaction monitoring and reporting of unusual transactions,” Rabobank stated in a press release.

The two different giant Dutch banks, ING Groep (AS:) NV and ABN Amro, every reached multimillion-euro settlements with public prosecutors over related compliance failures prior to now a number of years. Both banks have been warned by the DNB about their weak enforcement of anti-money-laundering practices forward of the settlements.

A spokesperson for the Dutch public prosecutor’s workplace declined touch upon whether or not it’s concerned within the DNB process disclosed on Monday.

A spokesperson for Rabobank stated the financial institution doesn’t know whether or not prosecutors are conducting an investigation.

“It’s up to the authorities,” the spokesperson stated. “We don’t know, we are not aware of (involvement by prosecutors) but we don’t know what happens next.”

In September 2018 ING admitted that criminals had been in a position to launder cash via its accounts and agreed to pay 775 million euros ($900 million) to settle the case.

In April 2021 ABN agreed to pay 480 million euros over related allegations it had didn’t sufficiently monitor its clients’ transactions.

“We view the role of gatekeeper to the financial system as our commitment and joint responsibility to society,” Rabobank Chairman Wiebe Draijer stated in a press release.

“We remain dedicated to, and continue to invest in our KYC (know your customer) program.”

Disclaimer: Fusion Media want to remind you that the info contained on this web site will not be essentially real-time nor correct. All CFDs (shares, indexes, futures) and Forex costs are usually not offered by exchanges however quite by market makers, and so costs will not be correct and should differ from the precise market worth, that means costs are indicative and never acceptable for buying and selling functions. Therefore Fusion Media doesn`t bear any accountability for any buying and selling losses you would possibly incur on account of utilizing this information.

Fusion Media or anybody concerned with Fusion Media is not going to settle for any legal responsibility for loss or harm on account of reliance on the data together with information, quotes, charts and purchase/promote indicators contained inside this web site. Please be absolutely knowledgeable relating to the dangers and prices related to buying and selling the monetary markets, it is among the riskiest funding kinds doable.


Please enter your comment!
Please enter your name here

Exclusive content

- Advertisement -Newspaper WordPress Theme

Latest article

More article

- Advertisement -Newspaper WordPress Theme