ABN AMRO Paid €480 Million Over Structural Anti-Money-Laundering Failures
Company: ABN AMRO Bank N.V.
Summary
In April 2021, ABN AMRO accepted a €480 million settlement with the Dutch Public Prosecution Service over years of serious and structural failures under Dutch anti-money-laundering law. Prosecutors said deficiencies in customer due diligence, risk classification, transaction monitoring and reporting allowed criminal customers to misuse ABN AMRO accounts and services. The settlement consisted of a €300 million fine and €180 million disgorgement. In December 2024, prosecutors separately decided there was insufficient evidence to prosecute four former executives personally; that did not undo the bank's 2021 settlement. Sources: Dutch Public Prosecution Service https://www.om.nl/actueel/nieuws/2021/04/19/abn-amro-betaalt-480-miljoen-euro-vanwege-ernstige-tekortkomingen-bij-het-bestrijden-van-witwassen https://www.om.nl/actueel/nieuws/2024/12/18/om-gaat-voormalig-bestuurders-abn-amro-niet-vervolgen