Dutch banks and other firms subject to anti-money laundering rules would be required to share data on high-risk clients with each other under a legislative proposal that also paves the way for lenders to build a single "utility," or platform, for jointly monitoring all transactions. Dutch officials on Monday launched a public comment period on the 4-page bill, entitled the "money laundering action plan," which would also forbid importers, exporters and other firms from accepting more than €3,000 cash in any single payment for their goods amid suspicions that criminals are laundering vast amounts of illicit currency from behind the...
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.