More Dutch banks too lax in countering money laundering, regulator says
Multiple banks under the supervision of Dutch central bank DNB are too lax when it comes to countering money laundering, according to the regulator. Minister Wopke Hoekstra of Finance asked the DNB to look into this after ING was slapped with a massive settlement for this same reason. He informed parliament about the results of the DNB investigation on Tuesday, ANP reports.
The DNB "too often" sees that banks to not take their so-called gatekeeper function seriously enough. Violations were found, and remedial measures have been enforced, at multiple financial institutions, the regulator said.
"A climate for the management of integrity risks must be created for banks", Hoekstra said in his letter to parliament. Directors must "personally commit to preventing bank involvement in financial and economic crime". Banks also need to invest more in expertise and new technology that can help with their gatekeeper function.
The Finance Minister promised parliament that he will stay in contact with the DNB to discuss the progress the sector is making on this front.
Earlier this month ING agreed to pay a settlement of 775 million euros for facilitating money laundering. According to the Public Prosecutor, ING did not properly fulfill its role as gatekeeper of the financial system and was negligent in preventing money laundering. The bank also promised that it will improve its methods on this front.