Dutch central bank orders Rabobank to remedy AML, anti-terrorist-financing flaws

The Dutch central bank ordered Rabobank to remedy deficiencies found that were related to anti-money laundering and anti-terrorist-financing compliance.

The supervisor found deficiencies concerning the execution, recording and outsourcing of client due diligence, transaction monitoring and reporting of unusual transactions at the bank. It said a punitive enforcement procedure would be launched.

The Netherlands-based bank was asked to improve its know-your-customer activities in September 2018, with the regulator carrying out an investigation on April 1, 2020, and concluding that the bank did not meet the requirements of the injunction. The bank faced a penalty of €500,000 as a result of the investigation.