Dutch central bank DNB penalized Rabobank last year due to money laundering risk. The bank has not yet sufficiently screened 40 thousand of its customers. The bank confirmed this penalty payment, saying that it mentioned it in reports, NOS reports.
The Public Prosecutor launched a criminal investigation into ABN Amro for money laundering and terrorism financing. The bank is suspected of reporting suspicious transactions late or not at all, and not screening its clients properly, NOS reports.
A spokesperson for ABN Amro confirmed to NOS that the bank was informed of the investigation on Wednesday. Other than that ABN Amro is fully cooperating in the investigation, the bank would say nothing further.
Suspicious transactions reported in the Netherlands last year broke records in both number of reports and the amount involved. A total of 57,950 suspicious transactions were reported, involving an amount of 9.5 billion euros, according to figures released by the Netherlands' Financial Intelligence Unit (FIU), an independent investigative agency of the National Police, NU.nl reports.
Dutch central bank DNB issued a warning to Vivat because the insurer is too lax with its screening on terrorism financing. Vivat could face a sanction if the company does not improve the situation quickly, Financieele Dagblad reports based on a letter DNB sent to the insurer.
An experiment in which the police and Dutch banks exchange the names of terrorist suspects is having possible results. Some 300 suspicious transactions were found over the past year. These transactions are being investigated further, NOS reports.
Dutch companies were involved in large scale VAT fraud, the proceeds of which were used to finance terrorism, according to television program Zembla based on its own investigation.
According to Zembla, using the trade of so-called CO2 certificates, the "biggest VAT fraud in history" was committed. The compulsory VAT on the certificates was not paid. Between 2008 and 2011 this amounted to between 5 billion and 10 billion euros in unpaid VAT.
ABN Amro has dismissed another employee of the bank's Dubai office due to fraud, bringing the total of fired employees in the fraud investigation up to nine.