Danske CEO bows out over Dutch ABN money laundering inquiry 20 Apr 2021 / 01:11 H. The ABN AMRO logo is seen at the group’s headquarters in Amsterdam. – REUTERSPIX
AMSTERDAM/COPENHAGEN: Danske Bank s chief executive Chris Vogelzang, who was hired to help it recover from a multi-billion dollar money laundering scandal, resigned on Monday after Dutch authorities labelled him as a suspect in a separate case at ABN Amro.
Vogelzang said he was quitting after the Dutch prosecution service said it was investigating three former board members at ABN. The Dutch bank also said it had reached a €480 million (RM2.3 billion) settlement over systematic failures to tackle money laundering.
ABN Amro to settle probe for US$574m
‘PAINFUL EPISODE’: A probe into money laundering is targeting three former board members, including Danske Bank’s current CEO, who said he would resign
Reuters, AMSTERDAM
Dutch ABN Amro Bank NV yesterday said it had reached a 480 million euro (US$576.8 million) settlement with prosecutors in the Netherlands over money laundering allegations, which would affect its first-quarter results.
ABN Amro said in a statement that it had agreed to pay a fine of 300 million euros and 180 million euros as disgorgement reflecting “the seriousness, scope and duration of the identified shortcomings” in combating money laundering.
By Jaclyn Jaeger2021-04-19T17:41:00+01:00
Dutch bank ABN AMRO on Monday reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service (NPPS) to resolve money laundering charges.
The NPPS first informed ABN AMRO in 2019 the bank was the subject of a criminal investigation relating to potential violations of the Dutch Anti-Money Laundering and Counter Terrorism Financing Act (AML/CTF Act). Recently, the NPPS added new charges of “damaging money laundering” to the case.
“This settlement marks the end of a painful and disappointing episode for ABN AMRO.”
ABN AMRO CEO Robert Swaak
As part of the settlement agreement, ABN AMRO will pay a fine of €300 million (U.S. $359 million) and €180 million (U.S. $216 million) in disgorgement, which reflects the seriousness, scope, and duration of the identified shortcomings, the NPPS said. Following numerous investigations into ABN AMRO’s compliance with the AML/CTF Act, the agency determin
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