ABN Amro: Coffeeshops need to pay 1,000% more for anti-money laundering costs

ABN Amro is passing the extra costs it incurs due to money laundering inspection obligations on to its riskier business clients, Financieele Dagblad reported. From January 1, all coffeeshops will pay 1,000 percent more for their business bank account, according to the newspaper. ABN Amro is the first bank to increase the rates for sectors with the highest risk in the money laundering area.

The increases will only affect coffeeshops for the time being. The rates will increase from 9.90 euros to 110 euros per month. These rates already apply to new customers. From January 1, they'll also apply to existing customers. According to the bank, about 250 coffeeshop owners are affected by the increase.

ABN Amro is looking at similar interventions in other sectors but has no active plans to increase other sectors' rates. The same rule does apply to business accounts for business units abroad, however. According to the bank, this affects about 3,000 customers.