CONTACT US

For any general inquiries, please fill in the following contact form:

Our websites never use cookies or other technologies such as pixel tags and web beacons. We only retain personal information when the contact section of our websites is filled. To proceed and get in touch with us through this format please read our Terms & Conditions, updated to be in line with the provisions of the GDPR, and tick this box to consent in us retaining the above information for contacting purposes only.

SUBMIT

RABOBANK FINED €1 MILLION FOR POOR MONEY LAUNDERING CHECKS

RABOBANK FINED €1 MILLION FOR POOR MONEY LAUNDERING CHECKS

Dutch central bank DNB fined Rabobank over 1 million euros for not having its customer files in order, and therefore doing inadequate checks on criminal money flows, Rabobank confirmed to the Volkskrant.

The fine was issued in September last year and applies to violations up to and including 2016. According to DNB, important information was missing in Rabobank's customer files. For example, the bank did not always know what exactly the ownership structure of a corporate client looked like. By not knowing who the ultimate owner of a business is, the bank ran the risk of unintentionally facilitating money laundering or other illegal activities. 

Rabobank confirmed the fine to the newspaper, but stressed that this fine is not comparable to a  last year for facilitating money laundering. "This is not about letting money laundering transactions through", a Rabobank spokesperson said to the Volkskrant. "Moreover, these problems occurred up to and including 2016, and they have since been addressed."

DNB told the newspaper that it recently fined a bank, but would say nothing further on the matter. 

Source: https://nltimes.nl

MORE NEWS

Bankers should pay their fair share of tax for society’s sake

Bankers should pay their fair share of tax for society’s sake
The fact that more than 3,500 UK-based bankers earn over €1m, at a time when callous austerity policies are still causing hardship and the ...

EU disapproves tax exemptions in Madeira

EU disapproves tax exemptions in Madeira
The European Commission has criticised the tax exemptions granted by Portugal to companies established in the Madeira Free Zone (ZFM).“It is...

When Elon Musk Tried to Destroy a Tesla Whistleblower

When Elon Musk Tried to Destroy a Tesla Whistleblower
It started with a Twitter meltdown and ended with a fake mass shooter. A former security manager says the company also spied and spread ...

Who's behind the blog

Who's behind the blog

SOCIAL MEDIA