ABN Told To Review Clients For AML Problems

Law360, London (August 8, 2019, 5:26 PM BST) -- Dutch bank ABN Amro has warned investors it could face fines for money laundering breaches and has put aside €114 million ($128 million) to check up on its customers in the face of a government crackdown.

The Dutch central bank has ordered ABN to review all retail clients in the Netherlands for possible money laundering or other criminal activities, CEO Kees van Dijkhuizen said in a statement Wednesday.

The €114 million allocation will be used to “ensure full compliance with legislation,” Van Dijkhuizen said. He added that “sanctions, such as an instruction, fines, may be imposed by the authorities.”

He said...

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