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ABN Amro has agreed to pay 480 million euros (£415 million) as part of a settlement with prosecutors who accused the Dutch state-owned bank of “serious shortcomings” in tackling money laundering, prosecutors and the bank said. The settlement was made up of a 300 million euro (£260 million) fine and 180 million euros (£155 million) paid to cover “unlawfully obtained gains”, prosecutors said. The fine “reflects that as a result of the serious shortcomings, certain clients that engaged in … criminal activities were able to abuse bank accounts and other services of ABN Amro for a longer period of time”, the Dutch Public Prosecution Service said in a statement. ....
ABN Amro's money laundering settlement prompts Danske Bank's chief to resign. nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.
Danske CEO exits over Dutch ABN money laundering inquiry yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
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. ....
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, t ....