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ABN AMRO fine response suggests moral compass of banking is shifting

By Martin Woods2021-04-21T18:26:00+01:00
ABN AMRO on Monday announced it agreed to a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service to resolve years of anti-money laundering (AML) failings. In the announcement, ABN AMRO CEO Robert Swaak stated, “As a bank we do not merely have a legal, but also a moral duty to do our utmost to protect the financial system against abuse by criminals. In fulfilling this duty, we aim to make a meaningful contribution to a safer society. Regretfully, I have to acknowledge that in the past we have been insufficiently successful in properly fulfilling our important role as gatekeeper. This is unacceptable and we take full responsibility for this.”

Netherlands , Estonia , Dutch , Martin-woods , Chris-vogelzang , Ralph-hamers , Wachovia-bank , Danske-bank , Abn-amro , நெதர்லாந்து , எஸ்டோனியா , டச்சு

Dutch bank ABN Amro to settle €480m criminal probe | Money

Monday, 19 Apr 2021 03:36 PM MYT
ABN AMRO said it had agreed to pay a fine of €300 million and €180 million as disgorgement reflecting 'the seriousness, scope and duration of the identified shortcomings' in combating money laundering. — Reuters pic
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THE HAGUE, April 19 — The Netherlands’ third-largest bank ABN Amro is to pay a €480-million- (US$575 million) settlement to prosecutors following a money-laundering probe, the bank announced today.
The announcement follows a 2019 investigation by prosecutors who said the Amsterdam-based bank failed to sufficiently monitor bank accounts and did not report “unusual transactions” or reported them too late.

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ABN AMRO Agrees to Pay $574M Fine for Failing to Tackle Money Laundering

ABN AMRO Agrees to Pay $574M Fine for Failing to Tackle Money Laundering
insurancejournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancejournal.com Daily Mail and Mail on Sunday newspapers.

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Danske Bank CEO resigns after being named a suspect in Dutch probe

Danske Bank CEO resigns after being named a suspect in Dutch probe
Dutch authorities named him as a suspect in a probe into violations of money-laundering regulations at Dutch lender ABN Amro
about an hour ago
Vogelzang took the helm of Danske Bank in June 2019, with a mandate to steer Danske through one of the world’s biggest money-laundering scandals.

Danske Bank chief executive Chris Vogelzang resigned on Monday after the Dutch authorities named him as a suspect in a probe into violations of money-laundering regulations at Dutch lender ABN Amro, Danske Bank said in a statement.
“I am very surprised by the decision by the Dutch authorities,” Vogelzang said in a statement, adding his status as a suspect did not imply that he would be charged. “However, given the special situation Danske Bank is in and the intense scrutiny the bank is under ... I do not want speculations about my person to get in the way of the continued development of Danske Bank,” Vogelzang said.

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UPDATE 2-ABN Amro to settle money laundering probe for $574 mln

UPDATE 2-ABN Amro to settle money laundering probe for $574 mln
Reuters
2 hrs ago
(Adds prosecution investigation into individuals ongoing, details)
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By Anthony Deutsch and Bart H. Meijer
AMSTERDAM, April 19 (Reuters) - Dutch bank ABN Amro on Monday said it had reached a 480-million-euro ($574 million) settlement with prosecutors in the Netherlands over money laundering allegations, which will impact its first-quarter results.
ABN Amro said in a statement it had agreed to pay a fine of 300 million euros and 180 million euros as disgorgement reflecting "the seriousness, scope and duration of the identified shortcomings" in combating money laundering.
The prosecution service said in a statement its investigation was ongoing and that three former board members, who it did not name, had been identified as suspects said to be "effectively responsible for violation" of the anti-money laundering act.

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Danske Bank CEO resigns after being named probe suspect

Updated / Monday, 19 Apr 2021
08:46
Danske Bank's chief executive Chris Vogelzang has resigned
The chief executive of Denmark's Danske Bank resigned today after Dutch authorities named him as a suspect in an investigation into violations of money-laundering regulations at lender ABN Amro.
Chris Vogelzang held some senior positions at Amsterdam-based ABN Amro between 2000 and 2017.
He said he was very surprised by the Dutch authorities' decision, adding that his status as a suspect did not imply that he would be charged.
"However, given the special situation Danske Bank is in and the intense scrutiny the bank is under, I do not want speculations about my person to get in the way of the continued development of Danske Bank," Vogelzang said.

Estonia , Netherlands , Denmark , France , Amsterdam , Noord-holland , Estonian , Dutch , Chris-vogelzang , Karsten-dybvad , Gerrit-zalm , Anders-haulund-vollesen

European shares at record high on auto stocks boost

By Reuters Staff
2 Min Read
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)
April 19 (Reuters) - European stocks inched higher on Monday, extending their record-setting rally, as optimism about a solid start to the earnings season offset a worrying resurgence in COVID-19 cases globally.
The pan-European STOXX 600 index rose 0.1% by 0706 GMT, its fifth day of gains, while an index of euro zone shares rose 0.2% to touch its highest since September 2000.
Automakers were the top gainers, up 0.7%, followed by miners and travel stocks.
French car parts maker Faurecia rose 1% after its first-quarter sales beat market expectations, helped by particularly strong growth in China.

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ABN AMRO pays multimillion fine in money laundering probe

THE HAGUE, Netherlands (AP) — ABN AMRO has agreed to pay 480 million euros ($574...

Netherlands , Denmark , Copenhagen , Køavn , Dutch , Janm-olsen , Chris-vogelzang , Robert-swaak , Gerrit-zalm , Dutch-public-prosecution-service , Danske-bank , Abn-amro

ABN to settle money laundering probe for US$574m

ABN to settle money laundering probe for US$574m
2021-04-19 HKT 14:44
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The Dutch bank says it's agreed to pay the fine, which reflects 'the seriousness, scope and duration of the identified shortcomings' in combating money laundering. Image: Shutterstock
Dutch bank ABN Amro on Monday said it had reached a 480-million-euro (US$574 million) settlement with prosecutors in the Netherlands over money laundering allegations, which will impact its first-quarter results.
ABN Amro said in a statement it had agreed to pay a fine of 300 million euros and 180 million euros as disgorgement reflecting "the seriousness, scope and duration of the identified shortcomings" in combating money laundering.

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UPDATE 2-Danske Bank CEO quits after being named a suspect in Dutch probe into ABN Amro

UPDATE 2-Danske Bank CEO quits after being named a suspect in Dutch probe into ABN Amro
Reuters
3 hrs ago
COPENHAGEN, April 19 (Reuters) - The chief executive of Denmark's Danske Bank resigned on Monday after Dutch authorities named him as a suspect in an investigation into violations of money-laundering regulations at lender ABN Amro .
Chris Vogelzang, who held some senior positions at Amsterdam-based ABN Amro between 2000 and 2017, said he was very surprised by the Dutch authorities' decision, adding that his status as a suspect did not imply that he would be charged.
"However, given the special situation Danske Bank is in and the intense scrutiny the bank is under ... I do not want speculations about my person to get in the way of the continued development of Danske Bank," Vogelzang said.

Estonia , United-states , Denmark , Copenhagen , Køavn , Netherlands , France , Amsterdam , Noord-holland , Dutch , Estonian , Nikolaj-skydsgaard