Dutch bank ING enters $900 million settlement over compliance failures

Dutch bank ING agreed to pay nearly USD $900 million to settle charges against its Netherlands branch related to money laundering and compliance failures in violation of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act. The Dutch Public Prosecution Service (DPPS) charged ING after investigations revealed, “the bank failed to prevent bank accounts held by ING … Continue reading Dutch bank ING enters $900 million settlement over compliance failures

Dutch central bank says trust office performances are ‘worrying’

Trust offices, which manage letter box companies in the Netherlands, are not doing their job properly, according to the Dutch central bank. The central bank looked into 10 trust offices and concluded that only two were completely above board. Four lost their licences, two were fined and two others are the subject of further investigation to … Continue reading Dutch central bank says trust office performances are ‘worrying’

Dutch Banks Face Larger Fines, Public Scrutiny for AML Violations

The House of Representatives, the lower house of the Netherlands’ legislature, overwhelmingly voted in favor of amending the Law to Prevent Money Laundering and Terrorist Financing to raise the ceiling for AML-related penalties to 20 percent of an offending bank’s annual turnover if the violation in question occurred within five years of a previous enforcement … Continue reading Dutch Banks Face Larger Fines, Public Scrutiny for AML Violations