ABN Amro fined €8.5 million over weak anti-money laundering checks

AMSTERDAM – ABN Amro has been fined €8.5 million by the Dutch central bank, De Nederlandsche Bank, for failing to properly monitor possible money laundering.

According to DNB, the bank did not do enough to investigate suspicious transactions. The regulator found signs that some clients may have used intermediaries to bypass sanctions against Russia. It also pointed to large cash withdrawals and payments to countries with a higher risk of money laundering.

The inspection covered the period from September 2023 to September 2024. ABN Amro acknowledged the mistakes, which led to the fine being reduced from €10 million to €8.5 million. The bank says it is working on corrective measures.

DNB criticized the bank for relying too much on clients’ explanations without conducting deeper checks. A forensic accounting professor described the bank as “too gullible”.

Five years ago, ABN Amro was also investigated over weak anti-money laundering controls and eventually reached a €480 million settlement with Dutch prosecutors.