DNB fines ABN Amro €8.5mn over anti-money laundering files

De Nederlandsche Bank has imposed an €8.5mn administrative fine on ABN Amro after finding structural weaknesses in due diligence for part of the bank’s high-risk customer base. ABN Amro said it accepted the Dutch central bank’s conclusions and the penalty, placing renewed attention on banks’ controls against money laundering and related financial crime.

The findings relate to a set of customer files examined by DNB for the period from September 20 2023 to September 9 2024, according to ABN Amro. The bank said the regulator identified recurring deficiencies in the execution of due diligence for certain high-risk clients.

Customer due diligence is a core element of anti-money laundering compliance. Banks use it to understand who their customers are, assess the risks attached to those relationships and determine whether activity is consistent with the customer profile. Higher-risk customers typically require closer review and stronger controls because failures in those files can weaken a bank’s ability to detect suspicious activity.

ABN Amro said it recognised the seriousness of the issues identified by DNB and accepted the factual findings in the files reviewed. The lender also said it regretted that, in those files, it had not met the standards expected of it in protecting the integrity of the financial system.

Bank says remediation has continued

Since DNB identified the deficiencies, ABN Amro said it has taken additional concrete remediation steps intended to improve the effectiveness of its AML processes. The bank did not provide further detail on the specific measures or on the number of customer files involved.

ABN Amro said it understood its responsibility as a gatekeeper in the financial system and the trust placed in it by society. That role requires banks to prevent their platforms from being used for illicit finance and to maintain controls that satisfy regulators’ expectations.

The bank said it has made progress in recent years in improving its AML framework, working with thousands of employees and in close coordination with regulators. It added that it remains focused on strengthening the robustness of its AML processes and meeting the standards expected by regulators, clients and society.

The fine adds to continuing regulatory scrutiny of financial institutions’ defences against money laundering and other forms of financial crime. For banks, AML shortcomings can carry direct financial penalties and require costly operational changes, as regulators press firms to demonstrate that controls are effective in practice and not only documented in policy.

This story draws on original reporting from Finextra Research.