ABN Amro is suddenly stepping up its game in the fight against money laundering. The bank is investing 85 million euros into getting its client files in order and is hiring hundreds of new employees to help with this. ABN Amro confirmed that it is in "constant dialogue" with regulator DNB, but would not say if it is trying to avoid fines or other penalties, the Volkskrant reports.
A group of 21 high-level managers at ABN Amro contacted the Dutch supervisors on the financial markets to raise alarm about the lack of leadership at the bank. CEO Kees van Dijkhuizen is not a leader and the bank has basically no strategy, they write in a letter to DNB and AFM. The Ministry of Finance was also warned, NOS reports.
ABN Amro is no longer accepting new customers from the tobacco industry and will no longer be investing in the sector, the bank announced on Wednesday. "The core business of the tobacco industry is not compatible with the core principles of the bank", ABN Amro said in a statement, Trouw reports.
Delta Lloyd's CFO Clifford Abrahams is moving ot ABN Amro. From September he is taking over as ABN Amro's CFO from Alexander Rahusen, who filled the position on an interim basis, the Telegraaf reports.
Before joining Delta Lloyd, Abrahams worked for insurer and asset manager Aviva and business bank Morgan Stanley. ABN Amro praises him for his "strong service" and "extensive experience" in his previous high positions in the financial sector. Abrahams will continue to work on the commpletion of Delta Lloyd's merger with NN Group until he steps over to ABN Amro.
ABN Amro is set to go public on November 20th. Shares will cost between 16 and 20 euros and may eventually bring 18.8 billion euros in for the State.
VVD-leader Halbe Zijlstra is saying that the current tax system needs to be overhauled in favor of simplicity. The party told the cabinet that all allowances must be abolished and transformed into lower taxes. The Tax Administration must focus on the core task: collecting money.