(IDEX Online) - Dutch bank ABM Amro has said it is subject to an investigation by the country's public prosecutor relating to requirements under the Act on the prevention of money laundering and financing terrorism.
The bank said in a short statement that it would cooperate fully with the investigation, news of which sent its shares plummeting 12 percent, reported the Financial Times.
The Public Prosecution Service said the bank did not do enough due diligence and monitoring of customers." According to the FT, the bank also allegedly failed to report all suspicious transactions to the government's Financial Intelligence Unit or reported them too slowly.
Earlier this month, ABN Amro said in a news story that it was joining with other Dutch Banks to help fight against money laundering and that it was, "already making every effort to identify movements of criminal funds."
The bank's CEO, Kees van Dijkhuzien, said in the September 17 story that, "Preventing money-laundering and terrorist financing is one of our top priorities. I'm very pleased that we're taking the first step, together with the other banks, towards potentially setting up an organisation to monitor payment transactions. This is a key development in protecting the integrity of the Dutch financial system."