In general, ABN AMRO does not respond to news about individual client relationships, considering the confidentiality that a bank must observe in relationship to its clients. In principle, all of our clients can count on this. Given this morning’s publicity based on an article in the Dutch daily Het Financieele Dagblad (FD), and in the interest of Gunvor itself, we are making an exception.
ABN AMRO, along with a large group of international banks – including Rabobank, ING, Société Générale, RBS, Deutsche Bank and Unicredit – is a bank that serves Gunvor. Gunvor itself states: ‘All of Gunvor’s activities are in line with international standards for financial crime risk, including anti-money laundering, economic sanctions, counter-terrorist financing, and anti-bribery and anti-corruption’. Our own compliance investigation has not brought to light anything to contradict this statement. Under the international sanctions against Russia, the American sanctions authority OFAC has conducted an investigation into companies’ ties with President Putin and his regime. Based on this investigation, OFAC did not place Gunvor on the international sanctions list. Gunvor confirms that Mr Timchenko has sold his shares to his Swedish co-founder, Mr Tornqvist.
We will not terminate a relationship with any of our clients based on unconfirmed news. However, if it is proven that Gunvor has an unacceptable history, ABN AMRO will terminate the relationship, subject to the required legal procedures.