Criminal investigation launched against Rabobank for money laundering
The Public Prosecution Service (OM) launched a criminal investigation into Rabobank. The bank is suspected of non-compliance with the Money Laundering and Terrorism Prevention Act “and the consequences thereof,” the OM said on Wednesday evening.
“The investigation focuses on Rabobank’s role as gatekeeper for the purpose of combating money laundering and terrorist financing,” the OM said. “No further announcements will be made about the criminal investigation at this time.”
The OM launched the investigation due to a notification from the regulator DNB, the Dutch central bank.
Exactly what the OM is investigating is not yet clear. In May, NRC reported that Rabobank had been aware for years that its approach to fighting money laundering was inadequate. An internal audit in 2014 failed most of the bank’s local offices for poorly screening customers.
In 2019, DNB fined Rabobank 1 billion euros for not doing enough against money laundering and terrorist financing.
Earlier on Wednesday, the European Commission announced that it was investigating Rabobank and the Deutsche Bank for price fixing. The banks are accused of exchanging market-sensitive information about government bonds and coordinating their prices and trading strategies.