Dutch bank ABN Amro pays 480m for money laundering



 Three former board members of Dutch bank ABN Amro were investigation in a money-laundering probe, public office in Hague says.

bank has agreed to a settlement and paid 480 million euros (575.1 million dollars), office said.

The suspects include former finance minister, Gerrit Zalm, and the chief executive of Danish financial institution, Danske Bank, Chris Vogelzang, who resigned on Monday following the allegations.

The investigation had started in 2019 and covered transactions between 2014 and 2020.

ABN Amro violated the Anti-Money Laundering Act, according to the prosecution.

Both customers and the origin of larger sums of money were not sufficiently verified and checked.

Documents were missing; a risk analysis not in place.

transactions were not reported.

As a , several clients may have used the bank’ for money-laundering purposes for a longer period of time. (dpa/NAN)