De Volksbank’s systems to prevent money laundering are insufficient and it will likely face a fine, the Dutch state-owned bank said on Friday.
The Netherlands bank’s AML processes do not meet the standards required by the Dutch central bank (DNB), the lender admitted. The bank’s chair Martijn Gribnau (pictured) said today it had failed in its gatekeeper ole.
The bank, which incorporates several smaller Dutch banks such as SNS and ASN, disclosed the findings along with its first-half results.
“We regret that we were not able to fulfil our gate watcher role with respect to