ABN Amro has reached a € 480m settlement with Dutch government officials over alleged mismanagement, following an investigation that led to the resignation of Danske Bank’s chief executive.
ABN said on Monday that prosecutors had found “serious flaws in the way ABN Amro acted in the fight against money laundering in the Netherlands, such as customer acceptance, performance monitoring and customer solutions”, and that it had set up a solution.
The Dutch Public Prosecution Service said “various criminal clients have been able to harass bank accounts and activities of ABN Amro for a long time”.
The set of € 480m is set at a € 300m fine and € 180m without interruption, reflecting the bank’s resilience and underperformance. The crisis occurred between 2014 and 2020.
Chief executive Robert Swaak said: “Unfortunately, I have to admit that in the past we did not do well in fulfilling our important role as gatekeepers. This is unacceptable and we have full responsibility for that.”
Three former members of the ABN Amro board were known to be skeptical of the investigation into the protesters. One of them, Chris Vogelzang, resigned from his job as a senior at Danske Bank in Denmark on Monday.
The move is a disgrace to Danske, which brought Vogelzang as a foreigner to clear up his finances, the biggest of which has yet to be revealed.
Danske, which is being investigated by US officials and faces a major fine, has named their infamous chief Carsten Egeriis to replace Vogelzang.
Vogelzang said he was “surprised” by the prosecutors’ idea to name the suspect, four years after he left ABN Amro, but insisted it did not mean he would be prosecuted. He asserted that his confession had been obtained through torture, and that his confession had been obtained through torture.
He added: “Given the problem that Danske Bank is facing and being exposed to by the bank, especially when it comes to financial fraud due to unresolved issues in Estonia, I do not want the idea of my man entering the process of further development of Danske Bank. I just have to get out of here. ”
Vogelzang began working as a manager in Danske in June 2019, three months before ABN Amro investigated the investigation by representatives of the Dutch government.