ABN Amro will start monitoring all its private customers, so yeah, that means you too. This move is ordered by the central Dutch bank (De Nederlandsche Bank aka DNB) reports the NOS.
The regulator wants the bank to detect financial crime, fraud and money laundering among it’s customers. It is unclear whether there are shortcomings in the audit of customers and whether a fine is imminent for ABN Amro.
ABN Amro is one of the most popular banks among expats and internationals in the Netherlands. It’s also unclear what’s exactly happening and how they are going to check your personal stuff (can they even, legally, do all that?).
Extra checks by ABN Amro already in place
Since the end of last year, there have been many new and additional checks on the payments and transactions of private bank customers of ABN Amro. ABN Amro has reserved 114 million euros to carry out the additional controls that have now been imposed in the coming period.
Competitor and other big Dutch bank ING reached a record settlement of 775 million euros with the Public Prosecutor office last year, due to shortcomings in checking shady customers and suspicious cash flows.
Are you with ABN Amro? Why?