The Dutch Ministry of Justice and Security signaled the allocation of additional funding from the government to combat subversive crime, including organized crime networks.
An EU-wide limit on cash payments of more than €5,000 could ease the ability of banks and other institutions to monitor and offload high-risk clients, but may not necessarily force criminals to rely on more traceable finances.
A disciplinary panel in the Netherlands has cleared former chief executive Ralph Hamers and 14 other senior managers of ING of violating the Dutch Banker’s Oath in relation to systemic anti-money laundering failures that the Amsterdam-based lender copped to three years ago.
The Netherlands Public Prosecution Service and the Amsterdam, Netherlands-based financial institution entered into a settlement that requires the bank to pay €480 million to resolve violations of the Anti-Money Laundering and Counter Terrorism Financing Act.
The Netherlands and the Amsterdam-based bank entered into a settlement agreement that requires the financial institution to pay a €675 million fine and disgorge €100 million to resolve a criminal investigation into violations of the Anti-Money Laundering and Counter Terrorism Financing Act.