- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-08-22T12:33:00
In July 2020, five Dutch banks launched an ambitious, first-of-its-kind collaboration to shine light on the estimated 16 billion euros (U.S. $17.4 billion) worth of illicit funds coursing through the Netherlands’ banking system every year.
ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank, which together hold approximately 77 percent of the Netherlands’ banking market, formed an organization that would search for patterns of potential money laundering activities in the business banking accounts of all five institutions.
Money launderers typically use multiple financial institutions to turn their illicit profits into funds that appear legitimate. Having each bank’s transactions siloed, only visible by the anti-money laundering (AML) team at a particular bank, obscures larger patterns of money laundering.
Wouldn’t it be more effective, the founding banks asked, if there was a way to monitor transactions flowing through all our platforms?
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