Skip to main content
Home

Main navigation

  • Top stories
  • Health
  • Crime
  • Politics
  • Business
  • Tech
  • Culture
  • Sports
  • Weird
  • 1-1-2
Image
Rabobank
Rabobank - Credit: Photo: ahavelaar/DepositPhotos
Business
Crime
DNB
Rabobank
money laundering
fine
Tuesday, 12 February 2019 - 09:18
Share this:
  • facebook
  • twitter
  • linkedin
  • whatsapp
  • reddit

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 775 million euros settlement ING made with the Public Prosecutor 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.

Follow us:

Latest stories

  • 104 XR climate activists arrested at Eindhoven Airport; All but one detained XR protester free again
  • Beginning of Spring: March exceptionally wet and quite gloomy this year
  • TikTok bringing massive queues to trendy spots in Amsterdam, annoying neighbors
  • Poaching on the rise in the Netherlands; Deer, hare popular targets
  • Clocks moved forward 1 hour overnight as summer time begins
  • Official shell counting day: Counting seashells on Dutch beaches for science

Top stories

  • 104 XR climate activists arrested at Eindhoven Airport; All but one detained XR protester free again
  • Beginning of Spring: March exceptionally wet and quite gloomy this year
  • Extinction Rebellion protesters enter grounds of Eindhoven Airport, blocking private jet area
  • The Netherlands moves clocks forward 1 hour overnight
  • Code yellow for squalls along the coast and in Zuid-Limburg
  • The Netherlands' modern day Robin Hood helping tenants fight greedy landlords

© 2012-2023, NL Times, All rights reserved.

Footer menu

  • Privacy
  • Contact
  • Partner content