Dutch Lender ABN Amro Fined $9.7 Million Over Anti-Money Laundering Shortcomings

Dutch lender ABN Amro was fined €8.5 million (about $9.7 million) by the Dutch central bank for shortcomings in its anti-money laundering controls. The Amsterdam-listed firm said De Nederlandsche Bank (DNB) found structural deficiencies in a number of cases reviewed over roughly 12 months starting in September 2023. DNB said it identified problems in the execution of ongoing monitoring for part of its high-risk client base. The central bank cited risk signals including large cash withdrawals, transactions involving high- or heightened-risk countries, substantial and frequent commission payments, and indicators that could suggest circumvention of Russia sanctions. ABN Amro acknowledged the findings and accepted DNB’s conclusions, saying it has taken further remediation measures.