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April 19, 2021, 2:06 a.m. EDT

ABN AMRO to pay $575.1 million over Dutch probe

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By Anthony O. Goriainoff

ABN AMRO Bank NV said Monday that it will pay 480 million euros ($575.1 million) after accepting a settlement offer from the Dutch Public Prosecution Service regarding its anti money-laundering probe.

The Dutch lender said it will pay a EUR300 million fine and EUR180 million as disgorgement. This will affect the banks results in the first quarter in 2021, it added.

The settlement was connected with an investigation into the its compliance with its obligations under the Dutch Anti-Money Laundering and Counter Terrorism Financing Act between 2014 and 2020, ABN AMRO said.

The company said that it fully cooperated with the DPPS throughout the investigation, which identified serious shortcomings in its processes to combat money laundering in the Netherlands, and that in certain instances clients were able to abuse ABN AMRO accounts.

The company said it will continue to make every effort to fulfill its role as a gatekeeper.

"This settlement marks the end of a painful and disappointing episode for ABN AMRO. The lessons we have learned from this experience drive us in our continued effort as gatekeepers to achieve a safer society and a financial system that meets the highest standards of integrity," Chief Executive Robert Swaak said.

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