ABN AMRO is today issuing an update on the investigations into previously ascertained irregularities at its Private Banking office in Dubai.
As previously announced by ABN AMRO, the bank initiated extensive investigations in response to a whistle-blower’s report on its Private Banking office in Dubai.
The internal investigations have been completed. In addition to earlier reports, the investigations also yielded evidence indicating that an employee of the Dubai office was involved in cashing a cheque from a client of ABN AMRO in 2011. An amount of USD 21,000 was cashed via a foreign exchange office at the branch of an Iranian bank in Dubai and transferred through accounts with other banks to an account of the client at the ABN AMRO office in Singapore. ABN AMRO has reported this incident to the Office of Foreign Assets Control (OFAC) and the relevant supervisory authorities.
The bank has terminated the employment contract of the employee in question. As a result of the overall internal investigations, the employment contracts with in total nine employees have been terminated. ABN AMRO is currently reviewing the full private banking client portfolio in Dubai and expects to complete this reassessment in the fourth quarter of this year. The Supervisory authorities (DNB and DFSA) have initiated their own local investigations.