Financial institutions in the Netherlands will be able to exchange information on terminated accounts, jointly monitor transactions and receive intelligence on organized criminals under a wide-ranging government plan to enhance the country's controls against illicit financial flows.
Dutch lender ING has agreed to pay authorities in the Netherlands a record €775 million after admitting to a litany of compliance violations that allowed criminals to launder hundreds of millions of euros, the country’s public prosecution service disclosed Tuesday.
Netherlands-based lenders have made "positive" steps towards improving their anti-money laundering systems and controls in the eight months since Dutch authorities assessed a €775 million fine against the country's largest bank, a senior regulator told ACAMS moneylaundering.com.
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