ABN AMRO Bank N.V. revealed on Monday it will pay a €480 million settlement after Dutch Public Prosecution Service's (DPPS) probe into the bank's practices under the Dutch Anti-Money Laundering and Counter Terrorism Financing Act.
The prosecutors determined that the ABN AMRO did not do enough to battle money laundering in the Netherlands from 2014 to 2020 and that those failures led to abuse of bank accounts by clients.
"ABN AMRO deeply regrets the situation and recognises the seriousness of the matter, and that it has fallen short in the fulfilment of its role as gatekeeper aimed at combatting money laundering. ABN AMRO will continue to make every effort to fulfil its role as gatekeeper," the bank said in a statement.
