ABN Amro may settle money-laundering case soon – Het Financieele Dagblad

ABN AMRO Bank NV is in the final phase of negotiations with the Dutch public prosecutor's office over a settlement of an ongoing money-laundering probe, Het Financieele Dagblad reported Jan. 19, citing sources familiar with the matter.

The authorities started investigating the bank in September 2019 on suspicion that it had delayed or omitted the reporting of suspicious transactions. Although settlement talks are at an advanced stage, ABN Amro and the prosecutors have yet to agree on the exact account of how the violations were committed, according to Het Financieele Dagblad.

The public prosecutors are working on a settlement with ABN Amro as a legal entity but may consider further investigation of individuals such as ABN Amro's former CEO Gerrit Zalm, the newspaper said. At the center of the probe are alleged money-laundering and terror financing law violations committed between 2013 and 2018. Zalm led the bank since its state bailout in 2008 until September 2016.

ABN Amro said in its 2019 financial report it has not made a provision for a potential fine related to the money-laundering probe, which means that once the case is settled the fine will be fully reflected in the bank's earnings, ING credit analyst Suvi Platerink said in a Jan. 20 note.

The potential fine is reportedly estimated at hundreds of millions of euros.