ABN Amro Sees Quarterly Loss After $574 Million Settlement
- Probe found shortcomings in anti-money laundering processes
- CEO Swaak says settlement marks end of ‘painful’ episode
This article is for subscribers only.
ABN Amro Bank NV agreed to pay 480 million euros ($574 million) to end a Dutch investigation that found “serious shortcomings” in the lender’s processes to combat money laundering.
The amount will be booked in the first quarter and the lender expects a “modest” loss as a result, according to a statement on Monday. As part of the settlement, ABN Amro will pay a fine of 300 million euros and a disgorgement of 180 million euros, with the latter reflecting costs the lender had saved, according to the Dutch public prosecutor.