The turn came to ABN Amro. The bank must check all of its private clients

As you remember, ING was fined an incredible 775 million euros last year due to flaws in the customer verification system and suspicious cash flows.

Next in the same year, Rabobank was fined, he was more fortunate, and the fine was only 1 million euros for the lack of order in client files.

Triodos Bank received a “reprimand” from DNB for the same reason (lack of order in the control system), which is essentially a warning.

Now it's ABNAmro's turn, and he will have to check 5 million of his private clients. DNB (DeNederlandscheBank) demands a better job of detecting financial crimes, including money laundering or even a hint of money, among clients.

According to DNB, ABNAmro does not have enough order in the client files. The risk of financial crime is also not always correctly assessed. So it is quite possible that this bank is threatened with sanctions. It can be just a warning or a fine. DBN does not give any comments on this matter.

Careful verification required

Recently, after submitting the semi-annual data, ABN Amro CEO Kees van Dijkhuizen commented: “If customers open an account with us, we need to know exactly what they will do with that account. So, for example, when opening a personal payment account, we always warn that this is a personal payment account and if a client wants to conduct business transactions on it, then he needs to open a business account. And we must check it carefully ”.

“We also need to assess the potential risk from each client. This is important to combat money laundering and to check for possible terrorist financing risks. And that’s why we need to get our client documentation in order,” says van Dijkhuizen.

Measures taken

Since the end of last year, many additional checks on payment transactions of ABN Amro's private clients have already been carried out. However, the bank has set aside 114 million euros for additional control measures. Earlier, ABN Amro said it would tighten checks on private accounts and ICS credit cards.

“Currently, more than 1000 employees are engaged in customer verification on a regular basis, and in the coming years there will be much more,” the bank said in a statement. “Overall, we will take the necessary steps throughout the bank to ensure compliance with all laws and regulations.”

Do not forget that ABN Amro remains a state-owned bank, as the Dutch state owns 56 percent of the shares, being the bank's main shareholder.