Article NRC

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Dutch national daily newspaper NRC today ran an article on ABN AMRO discussing transaction monitoring and - reporting.

On 26 September 2019, ABN AMRO announced that the bank is the subject of an investigation relating to requirements under the Act on the prevention of money laundering and financing of terrorism (Wwft). ABN AMRO is cooperating fully with the investigation. The public prosecutor indicated that the investigation includes whether we have complied with the Wwft in relation to having client files in good order, timely reporting unusual transactions and discontinuing relations with clients in good time. Under the investigation, the public prosecutor has also requested client information. ABN AMRO is unable to issue any further statements on the ongoing investigation.

Detecting potential suspicious transactions

As one of the country’s big banks, ABN AMRO processes large numbers of international transactions. The bank wants to prevent the financial system from being abused for money laundering or any other irregular transactions, and has in place a system of measures aimed at detecting, investigating and reporting to the FIU or other bodies any (potentially) suspicious¬† transactions. At the same time, criminals are doing everything they can to conceal criminal money flows and are constantly changing their strategies and approach. This makes detecting such transactions an ongoing challenge.

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