Investigation launched into ABN Amro board's role in money laundering: Report

The Public Prosecution Service (OM) is officially investigating what role ABN Amro's former board of directors, under the leadership of Gerrit Zalm, played in failing controls on money laundering at the bank, Financieele Dagblad reported. According to the newspaper, the goal is to determine whether the board was culpable or did anything illegal.

The OM launched its investigation into money laundering and terrorism financing at ABN Amro in 2019. The bank is accused of not reporting suspicious transactions, or doing so late, and of not properly screening its customers for suspicious activity. The focus of the investigation is the period between 2013 and 2018, when Zalm was CEO at the bank.

According to FD, that investigation is in its final phase and discussions about a settlement are ongoing. In similar settlements with ING and Rabobank, the indemnification of persons formed part of the agreement. But according to FD, that is not the case with ABN Amro.

Last year a court forced the OM to start a case against former ING CEO Ralph Hamers after the money laundering settlement with the bank. The court ruled that bank directors can not go unpunished if they were in charge of serious prohibited behavior.

This likely played a role in the OM's decision to investigate the ABN Amro board from the get go. The board was already questioned by the Tax Authorities last year.