- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2021-03-17T18:32:00
ABN AMRO is facing new charges from Dutch prosecutors that imply the bank is suspected of knowing of money laundering activities perpetrated by its customers without intervening.
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Rabobank, the second largest bank in the Netherlands, is being investigated by the Dutch Public Prosecution Service for potential violations of the country’s anti-money laundering/countering the financing of terrorism law.
A Dutch court has ordered a criminal investigation into UBS CEO Ralph Hamers for his role in the ING money laundering scandal that occurred during his tenure as the latter financial institution’s leader.
Global financial institution ING announced Tuesday that it has reached a $900 million settlement with Dutch authorities to resolve its money laundering case. A close reading of the enforcement action offers numerous lessons for compliance and risk officers.
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
