The regulator DNB informed the bank about this last month, and has now been made public. Both Rabobank and DNB do not want to disclose the consequences of the so-called punitive enforcement process.
DNB is surprised that Rabobank still does not monitor the transactions of all customers and reports unusual transactions. These are requirements from the Money Laundering and Terrorist Financing Prevention Act (Wwft).
Into the fog again
In 2018, the bank was also held accountable for this, with a penalty of 500,000 euros. At the beginning of this year, it turned out that the bank had still not taken enough action, because it was again found that Rabobank did not meet all the requirements. At that time, the penalty was forfeited, and the amount actually had to be paid.
According to CEO Wiebe Draijer, the processes at the bank have been ‘substantially tightened up’ in recent years, and his company is constantly working on them. “We are in constant dialogue with DNB about this.”
Research into former directors
Rabobank is not the only bank to run into problems with a money laundering approach that turns out to be insufficient. ING and ABN Amro have both paid hundreds of millions of euros after settlements with the Public Prosecution Service (OM). Another bank is under scrutiny for inadequate policy, but both the Public Prosecution Service and DNB do not want to let go of which bank it is.
In addition, the Public Prosecution Service is still conducting legal investigations against various former directors of ABN AMRO, including former CEO Gerrit Zalm. Former ING CEO Ralph Hamers is also being prosecuted after a court decision.
Banks spend 1 billion euros annually on combating money laundering and the financing of terrorism, according to research by the Dutch Banking Association earlier this year.