ANP extension
ANNOUNCEMENTS••Edited
The Public Prosecutor (OM) is initiating a criminal case against Rabobank. The bank has been identified as a suspect in an anti-money laundering investigation. This was reported by the Public Prosecutor’s Office and the bank. The question is whether the bank has done enough to fight money laundering and terrorist financing.
The reason for the investigation is a report from De Nederlandsche Bank (DNB), which Rabobank already has Before fingers touched. At the beginning of last year the bank had to pay a fine of half a million euros for inadequate anti-money laundering controls. But even after that, the bank didn’t meet the requirements and DNB instructed the bank to do it The needle to do. This criminal case is therefore not unexpected.
Rabobank says it is fully cooperating with the investigation. The bank has until 2024 to implement a recovery plan and is working hard on it, according to a spokesman. The bank now has a policy of not accepting new clients from “critical” groups, such as professional soccer clubs. The same goes for cash-intensive industries. Since 1 October there is a so-called ‘chief financial economic crime officer‘ (CFECO) appointed.
Problems for a long time
Money laundering supervision has also caused problems for other banks. For example, ING and ABN Amro have reached agreements with the Public Prosecutor. This involved hundreds of millions of euros: in 2018 ING 775 million euros pay, a record. ABN Amro organized in April 2021 480 million euros.
Banks have subsequently stepped up controls, but sometimes this takes so long that other businesses have to give way. For example, foundations and associations can temporarily contact ING no bank account more questions, because the bank is too busy screening new and existing customers for possible money laundering.
Secret price agreements
Earlier this week it was announced that the European Commission suspects Rabobank and Deutsche Bank of entering into a mutual secret price agreements between 2005 and 2016.
If the European Commission’s suspicion is confirmed by such an investigation, fines could follow. These can amount to up to 10% of a company’s annual worldwide turnover. In the case of Rabobank, it could reach 2 billion euros.
