- within Law Department Performance topic(s)
The Dutch DNB has issued an administrative fine to ABN Amro relating to compliance failings.
The fine was reduced from €10m to €8.5m as part of a settlement with the bank.
The sanctions element relates to a number of the customers included within the DNB’s investigated sample. As part of the assessment of these client files it was determined that there was an unaddressed risk that some of the clients were involved with dual-use goods with some indicators that the bank’s customers were using intermediaries in high-risk jurisdictions to evade or circumvent the EU’s Russian sanctions. The bank was also criticised for undue reliance on uncorroborated client declarations.
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