Dutch Courts’ Knowledge of AML Grows as Battles Over Accounts Increase

By Koos Couvée

In April, the Court of Appeal in Amsterdam backed a decision by ING, the largest bank in the Netherlands, to sever long-standing ties with Nieuwburen B.V., a real estate firm that refused to hand over a certified copy of its beneficial owner's passport or other government-issued ID. The lawsuit is one of several brought in recent years under Dutch civil law by a wide range of businesses that many view as inherently vulnerable to illicit finance, including real estate firms, trust companies and Dutch coffeeshops that sell marijuana, to challenge their bank's decision to close their accounts and thus sever...