As a bank, ABN AMRO intends to and must comply with local and international laws and regulations at all times. In addition to these laws and regulations, ABN AMRO Private Banking enforces worldwide a stringent client acceptance policy for initial selection and ongoing compliance. Furthermore, the bank exchanges information with the competent authorities whenever a request for such information is made in line with applicable laws and regulation, local or otherwise. Accordingly, ABN AMRO Private Banking respects the obligations it has in relation to its clients’ privacy.
ABN AMRO Private Banking pursues a uniform client acceptance policy worldwide, known as the Client Acceptance and Anti-Money Laundering (CAAML) policy, the specific aim of which is to prevent any indirect involvement in money laundering or terrorist financing. To that end, we assess potential clients before entering into a relationship with them, and periodically review existing clients. Part of this policy involves the obligation to identify and verify the ultimate beneficial owner (UBO), so that we are certain that the individuals with whom the bank has dealings are well and truly who they say they are. Enquiries into the structure and origin of the relevant assets, and the reasons for the use of any corporate structures, also make up an integral part of the client acceptance policy. Only those potential and existing clients who meet the requirements of this stringent policy actually become and remain ABN AMRO Private Banking clients.
Transparency in respect of supervisory authorities
At all times, ABN AMRO Private Banking intends to maintain full transparency in respect of supervisory authorities, which include the Netherlands Authority for the Financial Markets (AFM), De Nederlandsche Bank (DNB), the European Central Bank (ECB) and local regulators in the countries in which the bank operates. In the event of any unforeseen shortcomings, the bank will work closely with the relevant authority or authorities to make improvements and to ensure their subsequent monitoring and reporting.