DUTCH BANK CITED FOR AML/CFT VIOLATIONS BY REGULATORS

 

                                               ( From de Volksbank public announcement)

Based on a supervisory review, De Nederlandsche Bank (DNB) concluded that de Volksbank has not sufficiently identified and assessed its risks of money laundering and terrorist financing • DNB concluded that de Volksbank is in violation of the Anti-Money Laundering and Anti-terrorism Financing Act (Wwft) and imposed an instruction to improve our Systematic Integrity Risk Analysis by 1 April 2024 • DNB also announced its intention to start a procedure for imposing an administrative fine de Volksbank N.V. – Press release d.d. 11 August 2023. 

Statement of Martijn Gribnau, Chair of the Executive Committee of de Volksbank “In the first half of 2023,...We regret that we were unable to fulfill all our gatekeeper responsibilities with regard to customer integrity and that we are at this moment in violation of certain legal requirements of the Anti-Money Laundering and Anti-terrorism Financing Act. We are fully committed to remedy the shortcomings within the timeframe imposed by DNB. Continuous improvement of our operations is a key enabler of creating the impact we want to make and will remain a key focus in the periods ahead. Consequently, our operating expenses will remain at elevated levels in the foreseeable future, partially offsetting the positive impact of higher market interest rates on our total income...