Banking News

Dutch Banks Join Forces Against ML Transactions

Dutch Banks Join Forces Against ML Transactions

(02 September 2021 – Europe) A consortium of five major Dutch banks have co-ordinated together to set up a system to help detect Money Laundering (ML) activity at an early stage.

The five banks include ING Group, ABN Amro, Rabobank, Volksbank and Triodos Bank who have jointly established and funded a transaction data sharing system, Transaction Monitoring Netherlands (TMN).

All five banks will encrypt their transactions and send it via TMN which will aggregate transactions and monitor its flows. The data sharing platform will identify unusual patterns in the movement of money between accounts and inform the banks involved if any suspicious activity occurs.

This initiative will enable banks to work closely with governmental organisations such as the Ministry of Finance and Justice and Security, and the Financial Intelligence Unit to create a cohesive Anti-Money Laundering (AML) action plan. 

“Really effective combating of ML criminality is only possible through closer cooperation. This cooperation will have positive consequences throughout the chain from detection to prosecution. TMN is an essential collective step that is a world first” commented Dutch Banking Association President, Chris Buijink.

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