Partner Bambos Tsiattalou discusses the news that Dutch prosecutors investigate bank ABN Amro for failing to prevent money laundering over a long period of time.

 

Bambos’ comments were published in Computer Weekly and Wealth Briefing, 27 September 2019, and can be found here, and here respectively.

Dutch bank ABN Amro is being investigated by regulators for allegedly failing to properly monitor and report potential money laundering activity. Regulators are clamping down on banks that have inadequate technology and processes in place to spot money laundering activity, much of which is linked to terrorism and organised crime.

Currently, only a small percentage of money laundering activity is spotted. With regulators clamping down on banks failing to prevent it, IT departments will play an important role in ensuring banks comply with strict regulation and avoid heavy fines

Bambos Tsiattalou, founding partner at specialist criminal and civil litigation firm Stokoe Partnership Solicitors, said:

“ABN Amro’s failings to prevent money laundering over a long period of time highlights a systemic problem within the banking sector. Such organisations must adopt a more risk-based approach towards anti-money laundering, in particular how they conduct due diligence.”

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