DNB Fines ABN AMRO EUR 8.5 Million Over AML Due Diligence Failures in High-Risk Files

De Nederlandsche Bank (DNB) has imposed an administrative fine of EUR 8.5 million on ABN AMRO over structural shortcomings in how the bank carried out due diligence for part of its high-risk customer base. For PSPs and banks serving high-risk verticals, the useful bit is simple: regulators are still looking at file-level execution, not just policy documents.

1. DNB said it found structural shortcomings in a number of files it examined for the period from 20 September 2023 to 9 September 2024. The issue was not framed as a one-off error, but as a pattern in the execution of due diligence.
2. ABN AMRO said it has taken further concrete remediation measures since the shortcomings were identified, with the stated goal of strengthening the effectiveness of its AML processes. The bank also said it accepts DNB’s conclusions and has accepted the administrative fine.
3. The bank said it regrets that, in the files examined by DNB, it did not meet the standards expected of it in safeguarding the integrity of the financial system. It also said it recognizes its role as a gatekeeper and the trust society places in it.
4. ABN AMRO said it has made progress in improving its AML processes in recent years, together with thousands of colleagues and in close alignment with regulators. The bank said it remains committed to strengthening the robustness of its AML processes and meeting the standards expected by regulators, clients and society going forward.