ABN AMRO accepted settlement offer in the anti-money laundering investigation in the Netherlands
ABN AMRO accepted settlement offer in the anti-money laundering investigation in the Netherlands
Today ABN AMRO Bank N.V. (ABN AMRO) announced that it has accepted a settlement offer from the Dutch Public Prosecution Service (DPPS) in connection with the previously announced investigation by the DPPS into ABN AMRO's compliance with its obligations under the Dutch Anti-Money Laundering and Counter Terrorism Financing Act (Wet ter voorkoming van witwassenen financiering van terrorisme, AML/CTF Act) between 2014 and 2020. As part of this settlement, ABN AMRO will pay EUR 480 million.
ABN AMRO fully cooperated with the DPPS throughout the investigation. Based on the investigation, the DPPS identified serious shortcomings in ABN AMRO's processes to combat money laundering in the Netherlands, such as the client acceptance, transaction monitoring and client exit processes (the so-called 'Client Life Cycle' processes) in the period between 2014 and 2020, as a result of which, in certain instances, clients were able to abuse ABN AMRO accounts.
ABN AMRO deeply regrets the situation and recognises the seriousness of the matter, and that it has fallen short in the fulfilment of its role as gatekeeper aimed at combatting money laundering. ABN AMRO will continue to make every effort to fulfil its role as gatekeeper.
ABN AMRO CEO Robert Swaak: "As a bank we do not merely have a legal, but also a moral duty to do our utmost to protect the financial system against abuse by criminals. In fulfilling this duty, we aim to make a meaningful contribution to a safer society. Regretfully, I have to acknowledge that in the past we have been insufficiently successful in properly fulfilling our important role as gatekeeper. This is unacceptable and we take full responsibility for this."
In recent years, ABN AMRO had itself already identified shortcomings in the way it implemented its 'Client Life Cycle' processes. To address these shortcomings, the bank has prioritised remediation and enhancement programmes in each of the business lines of the bank over the years, as well as bank-wide with respect to transaction monitoring. ABN AMRO has invested heavily in these remediation and enhancement programmes over several years, including investments in its systems and the growth of its staff . Unfortunately, ABN AMRO has to recognise that, despite all of its efforts and intentions, its improvement programmes have not always had the desired effect, and that several shortcomings, some of which serious, have been identified in its 'Client Life Cycle' processes.
In response to the identified shortcomings in its 'Client Life Cycle' processes and in order to address increasingly strict regulations and continuously evolving forms of financial crime, ABN AMRO decided to centralise the execution of the 'Client Life Cycle' processes in October of 2018. To this end, ABN AMRO set up the Detecting Financial Crime (DFC) programme and made substantial additional (financial) resources available for investments in staff, systems and processes. The DFC programme is progressing according to the timetable as agreed upon with DNB, and the programme is expected to be completed by the end of 2022. By the end of 2020, the total number of full-time employees involved in ABN AMRO's 'Client Life Cycle' processes had increased to 3,800 (one in five jobs at ABN AMRO). The bank is convinced that its current approach is the right way to systematically remediate shortcomings across the bank, and to embed this remediation in its day-to-day operations. Besides this, ABN AMRO is also actively involved in various public-private partnerships aimed at of contributing to safer society.
As part of the settlement announced today, ABN AMRO agrees to pay a fine of EUR 300 million and EUR 180 million as disgorgement. The amount of the fine reflects the seriousness, scope and duration of the identified shortcomings. The amount of the disgorgement reflects the amount of costs that ABN AMRO saved according to the DPPS. The total amount of EUR 480 million will impact the bank's first quarter results in 2021.
Robert Swaak: "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."
ABN AMRO Press RelationsABN AMRO Investor Relations
Jarco de Swart Ferdinand Vaandrager
Media Relations & Public Affairs Investor Relations
+31 20 6288900
This press release was published by ABN AMRO Bank N.V. and contains inside information within the meaning of Article 7(1) to (4) of the Regulation (EU) No 596/2014 (Market Abuse Regulation)
- ABN AMRO accepted settlement offer in the anti-money laundering investigation in the Netherlands
- Settlement Agreement ABN AMRO Guardian
- Statement of Facts - ABN AMRO Guardian
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Mandalay Resources Corporation tillkännager resultatrapporten för första kvartalet 202115.5.2021 14:02:50 CEST | Pressemelding
TORONTO, May 15, 2021 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation (”Mandalay” eller ”bolaget”) (TSX: MND, OTCQB: MNDJF) tillkännager resultatrapporten för kvartalet som slutade den 31 mars 2021. Bolagets sammanfattade och konsoliderade delårsrapporter för kvartalet som slutade den 31 mars 2021, tillsammans med ledningens diskussion och analys (”MD&A”) för samma period, finns tillgängliga under bolagets profil på www.sedar.com och på bolagets webbplats www.mandalayresources.com. Alla valutor i detta pressmeddelande avser US-dollar om inget annat anges. Höjdpunkter för första kvartalet 2021: Kvartalsintäkter på 52,6 miljoner USD, de högsta sedan andra kvartalet 2016;Justerad EBITDA på 26,1 miljoner USD, det tredje högsta i bolagets historia;Justerat nettoresultat på 5,6 miljoner USD (0,06 USD eller 0,08 CAD per aktie); ochKonsoliderat nettoresultat på 25,5 miljoner USD (0,28 USD eller 0,35 CAD per aktie). Dominic Duffy, styrelseordförande och CEO på Mandalay, kommenterar: ”Mandala
Antal aktier i Nexstim Abp efter första momentet i processen för att minska antalet aktier14.5.2021 20:00:00 CEST | Pressemelding
Företagsmeddelande,Helsingfors, 14.5.2021 kl. 21.00 (EEST) Antal aktier i Nexstim Abp efter första momentet i processen för att minska antalet aktier Bolagsstämman av Nexstim Abp (NXTMH:HEX, NXTMS:STO) (”Nexstim” eller ”bolaget”) fattade 11 maj 2021 beslut om att minska antalet aktier i bolaget utan att minska aktiekapitalet genom att vederlagsfritt ge ut nya aktier till aktieägarna, och genom att vederlagsfritt lösa in bolagets egna aktier så att hundra (100) nuvarande aktier i bolaget ska motsvara en (1) aktie efter att arrangemangen för att minska antalet aktier i bolaget har genomförts. Som en del av arrangemangen med avseende på de aktieägare som på transaktionsdagen (enligt definitionen nedan) är registrerade i Nexstims aktieägarförteckning hos Euroclear Finland Ab fattade bolagsstämman beslut om att bolaget ska 14 maj 2021 (”transaktionsdagen”) vederlagsfritt emittera högst 1 000 000 nya aktier så att antalet aktier per värdeandelskonto som ägs av dessa aktieägare är delbart med
Quantity of shares in Nexstim Plc after completion of the first phase in reducing the quantity of shares14.5.2021 20:00:00 CEST | Press release
Company announcement,Helsinki, 14 May 2021 at 9 PM (EEST) Quantity of shares in Nexstim Plc after completion of the first phase in reducing the quantity of shares Annual General Meeting of Nexstim Plc (NXTMH:HEX, NXTMS:STO) (“Nexstim” or “Company”) resolved on 11 May 2021 to reduce the quantity of Nexstim's shares without reducing share capital by way of issuing new shares to its shareholders without consideration, and by redemption of Company's own shares without consideration, in such a way that each current 100 shares of the Company shall correspond to one share of the Company after the arrangements related to the reduction of the quantity of Company's shares are completed. As a part of the arrangements in respect of shareholders registered on the Transaction Day (as defined below) in the shareholders’ register of Nexstim held by Euroclear Finland Ltd, the Annual General Meeting resolved that the Company shall issue on 14 May 2021 (the "Transaction Day") a maximum of 1,000,000 new s
IMCD Colombia expands into new markets through the acquisition of Siliconas y Químicos14.5.2021 20:00:00 CEST | Press release
ROTTERDAM, The Netherlands (14 May 2021) – IMCD N.V. (“IMCD” or “Company”), a leading distributor of speciality chemicals and ingredients, today announces that IMCD Colombia acquired the Colombian speciality distributor, Siliconas y Químicos S.A.S. (“Siliconas y Químicos”). “We are delighted to further expand our presence in Latin America with the acquisition of Siliconas y Químicos,” said Marcus Jordan, Americas President, IMCD. “The company’s strategy of being ‘Specialists in Specialities’ closely aligns with IMCD and its expertise in personal care, coatings, silicones, and other speciality industrial markets perfectly complements our existing pharmaceuticals, food and nutrition business in Colombia.” Based in Bogotá, Siliconas y Químicos has experienced steady growth since its inception in 2000, generated a revenue of USD 9 million in 2020, and adds 25 employees to the IMCD Colombia team. Siliconas y Químicos is ISO 9001:2015 certified and operates across Colombia with strategic out
Touax: Q1 2021 restated revenues from activities14.5.2021 17:45:00 CEST | Press release
PRESS RELEASE Paris, 14 May 2021 – 5.45 p.m. YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION Q1 2021 restated revenues from activities Restated revenues from activities amounted to €24.6m in Q1 2021, stable in constant dollars compared to the same period in 2020.Favourable outlook with a significant order book New segmentation of revenues betweenownedactivities and management activities. In order to enable a more detailed and more accurate reading of its activities, the Group decided to update the key indicators of its quarterly report: Revenues from activities are restated in order to present ownedactivities separately from management activities. For management activities, leasing revenue from investor-owned equipment is replaced by management fees, which correspond to the net contribution of the leasing management activity to the Group's performance. This presentation showssyndication fees, sales feesand now management fees, grouped together under management activity
CONDITIONS FOR THE RIKSBANK´S PURCHASES OF COMMERCIAL PAPER14.5.2021 16:20:00 CEST | Press release
Bid procedure, 2021-05-19CertificateCommercial paper issued in SEK by non-financial companies with their registered office in Sweden and with a remaining maturity of up to six months on the Bid date. i.e. with the latest maturity date as of 2021-11-19 Delivery may not be made in commercial paper purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Special terms, i.e. the purchase may not have been made after 2021-05-07 BidsCounterparties may make one bid per Credit rating class and maturity class. Bids are made to tel 08-696 69 70 and confirmed by e-mail to EOL@riksbank.se.Bid date2021-05-19Bid times09.00-09.30 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SEK 4 billionHighest permitted bid volume (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not exceed SEK 4 billion. No bid may contain Commercial paper in excess of SEK 250 million issued by the s
CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS14.5.2021 16:20:00 CEST | Press release
Bid procedure, 2021-05-21BondsSWEDISH GOVERNMENT: 1053. SE0002829192. 2039-03-30 SWEDISH GOVERNMENT: 1063, SE0015193313, 2045-11-24 Bid date2021-05-21Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)1053: 750 mln SEK +/-350 mln SEK 1063: 500 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)1053: 750 mln SEK per bid 1063: 500 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-05-25Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-05-14 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions c