Banking News

Dutch Banks Unite Against Money Laundering

Dutch Banks Unite Against Money Laundering

(09 July 2020 – Europe) ING, ABN and Rabobank have agreed to share transactional data to combat money laundering activity more effectively.

Each year the Netherlands have been amongst the top locations across the globe targeted by money launderers. Therefore, the banks plan to use  external auditors who will monitor all of the banks’ transactions making it easier for auditors to identify suspicious patterns.

In 2018, ING were charged penalty fines of over €700 million after failing to identify money laundering activity conducted through its accounts. ABN and Rabobank have also gone through similar investigation. 

"In addition to the banks' own responsibility as gate-keepers, effectively dealing with money laundering and the financing of terrorism requires a national approach” commented NVB Dutch Banking Association. 

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