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ABN AMRO must screen customers in the fight against financial crime

2019-08-07T07:06:55.450Z

At the request of De Nederlandsche Bank (DNB), ABN Amro will audit all its private customers. The bank announced this on Wednesday when the quarterly results were published.



At the request of De Nederlandsche Bank (DNB), ABN Amro will audit all its private customers. The bank announced this on Wednesday when the quarterly results were published.

The regulator wants the bank to detect financial crime, such as money laundering and tax fraud, among customers. Whether problems have already come to light at the bank is unknown.

"DNB has recently determined that we must screen all our private customers in the Netherlands. In general, we will take the necessary restorative measures in all parts of the bank to ensure that all laws and regulations are met," ABN AMRO writes the quarterly report. "Sanctions, such as a designation, fines, can be imposed by the authorities."

ABN AMRO is investing 114 million euros in an improvement plan for the department that investigates suspicious transactions and clients in the bank's retail branch.

It is not clear whether other Dutch banks should also screen their private customers. In a response to NU.nl, DNB says it cannot say anything about it.

Source: nunl

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