ABN AMRO, the Dutch banking group, has been fined €8.5m by De Nederlandsche Bank (DNB) after the regulator uncovered structural weaknesses in the way the lender vetted a portion of its high-risk clients.
The administrative penalty stems from failings in the bank’s customer due diligence procedures. DNB’s investigation covered a set of client files spanning the period between 20 September 2023 and 9 September 2024, during which it found recurring deficiencies in how checks on higher-risk customers were carried out.
ABN AMRO has said it accepts both the regulator’s factual findings and its conclusions, and has agreed to pay the fine. The bank acknowledged the gravity of the issues raised and expressed regret that, in the files DNB reviewed, its performance fell short of what is required of an institution tasked with protecting the integrity of the financial system.
Since the problems came to light, the lender has rolled out additional remediation measures designed to make its anti-money laundering (AML) framework more effective. The bank stressed that it understands its gatekeeper responsibilities and the trust society places in it to fulfil that role.
ABN AMRO added that it has spent recent years upgrading its AML operations, an effort involving thousands of employees and carried out in close coordination with supervisors. It said it remains focused on further reinforcing these processes so that it meets the expectations of regulators, customers and the wider public in future.
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