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NEWS: More effort than expected required to get AML activities ‘at sustainable and adequate level’ – ABN Amro chief Swaak as cost targets missed

Premium August 9, 2023

ABN AMRO: CEO Robert Swaak said: "More effort than expected is required to ensure that our ongoing AML activities are at a sustainable and adequate level and meet regulatory requirements." PHOTO: ABN Amro

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NEWS: France, Ireland and Latvia called out by EU for AML failures

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NEWS: PEPs law make politicians, families ‘guilty until proven innocent’ MPs claim in Ireland’s parliament

INSIGHT: New AML rules will change the EU’s financial crime prevention landscape for good. But what will change in practice?

By Augustin Turpin

Dutch bank ABN Amro beat second-quarter net profit expectations with growth of 83% on Wednesday, but said it no longer expects to reach its 2024 cost saving target due to rising inflation and anti-money laundering measures.

Full-year costs for 2023 improved and are now expected around 5.2 billion euros, the group said, from 5.3 billion euros previously. However, it indicated its 4.7 billion euro ($5.16 billion) cost saving target for 2024 would not be met.

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Premium

NEWS: France, Ireland and Latvia called out by EU for AML failures

 Premium

NEWS: PEPs law make politicians, families ‘guilty until proven innocent’ MPs claim in Ireland’s parliament

INSIGHT: New AML rules will change the EU’s financial crime prevention landscape for good. But what will change in practice?

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