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"ABN AMRO labeled five million customers as reliable without screening"

2019-11-21T06:46:45.652Z

During the merger with Fortis in 2010, ABN AMRO failed to screen all over five million private customers individually, NRC writes Wednesday evening. They were labeled "reliable" without research and are still registered as such.



During the merger with Fortis in 2010, ABN AMRO failed to screen all over five million private customers individually, NRC writes Wednesday evening. They were labeled "reliable" without research and are still registered as such.

As a result, they are classified in the lowest risk category. ABN AMRO regards this group as relatively harmless and suspects that the group of private individuals is not easily guilty of financial crime.

The fact that more than five million private individuals have been placed in that category without investigation, is damaging to ABN AMRO in the criminal investigation against the bank. The Public Prosecution Service is currently going through the organization because there may be "unusual transactions not reported on time, or not reported on time".

NRC writes that ABN AMRO's negligence may have contributed to "one of the biggest corruption scandals worldwide". For example, money from a corrupt Brazilian builder would have flowed through the Netherlands for years, via ABN AMRO.

The millions would then be stored in "tax havens" and used to bribe people, the newspaper said.

In a response, the bank reports that it cannot comment on specific reports about unusual transactions. In addition, ABN has "a system of measures aimed at identifying, possibly investigating, suspicious transactions and reporting them to FIU or other bodies".

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Source: nunl

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