ABN Amro to pay €480m to settle money laundering investigation out of court
Photo: DutchNews.nl
ABN Amro has agreed to pay €480m in an out of court settlement for violating Dutch anti-money laundering and counter terrorism funding rules, the public prosecution department said on Monday.
The bank had broken the law for ‘a number of years and on a structural basis’, the department said. In addition, three former members of the bank’s board of directors have been identified as suspects who were effectively responsible for breaking the law.
The criminal investigation revealed that over a number of years, ABN Amro fell seriously short of compliance with the law, the department said. In total, 56% of the bank’s shares are still in government hands following its nationalisation in 2008.
Danske Bank CEO resigns after being named a suspect in Dutch probe Dutch authorities named him as a suspect in a probe into violations of money-laundering regulations at Dutch lender ABN Amro
about an hour ago
Vogelzang took the helm of Danske Bank in June 2019, with a mandate to steer Danske through one of the world’s biggest money-laundering scandals.
Danske Bank chief executive Chris Vogelzang resigned on Monday after the Dutch authorities named him as a suspect in a probe into violations of money-laundering regulations at Dutch lender ABN Amro, Danske Bank said in a statement.
“I am very surprised by the decision by the Dutch authorities,” Vogelzang said in a statement, adding his status as a suspect did not imply that he would be charged. “However, given the special situation Danske Bank is in and the intense scrutiny the bank is under . I do not want speculations about my person to get in the way of the continued development of Danske Bank,” Vogelzang said
Monday, 19 Apr 2021 06:48 PM MYT
A Danske bank sign is seen on a bank’s headquarters in Copenhagen, Denmark October 22, 2019. Reuters pic
Subscribe to our Telegram channel for the latest updates on news you need to know.
AMSTERDAM, April 19 Danske Bank’s chief executive Chris Vogelzang, who was hired to help it recover from a multi-billion dollar money laundering scandal, resigned today 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 (US$577 million) settlement over systematic failures to tackle money laundering.
ABN AMRO pays multimillion fine in money laundering probe - Business News castanet.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from castanet.net Daily Mail and Mail on Sunday newspapers.
By Aaron Nicodemus2021-04-19T16:58:00+01:00
Ripples from ABN AMRO’s €480 million (U.S. $575 million) settlement in the Netherlands to resolve money laundering allegations reached Danske Bank on Monday, as two of the bank’s executives resigned after being connected to the Dutch probe.
Danske Bank CEO Chris Vogelzang announced he is stepping down, saying Dutch authorities plan to name him as “a suspect in connection with their investigations of potential violations of Dutch legislation relating to the prevention of money laundering at ABN AMRO.”
“My status as a suspect does not imply that I will be charged,” Vogelzang said in a statement released by the bank. “However, given the special situation Danske Bank is in and the intense scrutiny the bank is under, particularly in relation to anti-money laundering as a consequence of the still unresolved Estonia matter, I do not want speculations about my person to get in the way of the continued development of Danske Bank.