AMSTERDAM, Dec 7 (Reuters) – Dutch co-operative financial institution Rabobank (RABO.UL) on Wednesday mentioned it’s below investigation by public prosecutors within the Netherlands for suspected violations of nationwide cash laundering legal guidelines.
The financial institution in an announcement mentioned it was cooperating with the investigation.
The disclosure follows a 2021 warning by the financial institution that it had been instructed by the Dutch central financial institution (DNB) to repair its buyer due diligence practices and that it was dealing with a “punitive enforcement process.”
Rabobank is without doubt one of the Netherlands’ three largest banks. Opponents ING Group and ABN Amro incurred huge fines in comparable conditions, with ING docked $900 million in 2018 and ABN $574 million in 2021.
“The Dutch Public Prosecution Service has knowledgeable Rabobank that it’s thought of a suspect in reference to violation of the Dutch Anti-Cash Laundering and Anti-Terrorist Financing Act,” the corporate mentioned in an announcement.
“Rabobank can not present any additional info at this second.”
Reporting by Toby Sterling; Modifying by David Evans and Leslie Adler
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