Money laundering at foreign bank

The Fiscal Investigation Service FIOD raided an office of a foreign bank in the Netherlands last week. The bank is suspected of not having its money laundering controls in order.

It is not known exactly when and with whom the FIOD was raided. On Tuesday, the FIOD reported in a press release that it had only searched a ‘branch of a European bank in the Netherlands’. Remarkably enough, this happened following a tip from the supervisory authority De Nederlandsche Bank (DNB). At the suspected bank, records were included.

The bank in question is mainly concerned with transfers, ‘money transfers’. Between 2016 and 2018, it would have ‘insufficiently’ checked the background of customers. In addition, transfers were allegedly not properly or actively monitored, as a result of which unusual transactions were not reported to the investigative services.

As the gatekeeper of the financial system’, a bank is obliged by the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) to have these checks in order. Because ING Netherlands had not had these cases in order for years, the bank had to reach a settlement of โ‚ฌ775 million. An investigation is also underway against ABN Amro.

Last year, the judiciary tracked down โ‚ฌ19 billion in criminal money through, among other things, reports from banks. A year earlier it was still โ‚ฌ16 billion. According to experts, this is just the tip of the iceberg of the black money that is laundered annually via the Netherlands.