By AML Intelligence Correspondent
DUTCH financial crime coalition Transaction Monitoring Netherlands (TMNL) is now open to new bank members.
TMNL is currently backed by the five biggest banks in the Dutch market, which share their transaction data with the goal to fight financial crime and detect money laundering.
“Going forward, other financial institutions are now also able to join TMNL and benefit from our current service offering,” the body announced.
“By broadening the coalition, our representation becomes even stronger and makes the fight against money laundering more effective,” the coalition which is now three years old added.
The five founding banks are: ABN AMRO, ING, Rabobank, Triodos Bank and the Volksbank.
Each year, an estimated €16BN of criminal money is laundered in the Netherlands. The money comes from human trafficking, the drug trade and fraud.
As the gatekeepers of the financial system, banks are important in detecting money laundering risks, but there are limits to what is visible to individual banks as laundering networks are often spread over multiple banks. This complex social problem calls for a joint approach, the Dutch banks decided.
“That’s why five Dutch banks have joined forces under the name Transaction Monitoring Netherlands, or TMNL, to fight money laundering and terrorist financing together,” according to the body.
It’s a model which is now being studied internationally, particularly in Britain.
TMNL brings together transaction data from different banks and makes meaningful connections between them. These links provide new insights into possible money laundering and terrorist financing.
The body ensures that banks are even better able to detect potentially unusual transactions and that new patterns can be uncovered that would otherwise not be noticed.
This allows investigative services to tackle money laundering more effectively, public resources are used more efficiently and criminals are given less room to operate. In this way, TMNL makes a positive contribution to society.
TMNL is led by CEO Norbert Siegers. Moving from his most recent role as IT Lead in Commercial Banking at ABN AMRO, Siegers brings more than 25 years of experience in banking and payments with him.
The other, experienced members of the leadership team also come from the founding banks: AML Analytics Manager Lucian Baghiuc is a former Tech Expert at ING; Chief Risk & Administrative Officer Lars Roodenburg is a former Legal Expert at ING; and Chief Technology Officer Rob Keevil a.i. is a former ING Data Analytics Platform Lead. In addition to the MT, TMNL has a diverse, ambitious, and skilled team of staff, which is still growing.
Asks TMNL: “Are you interested? Please send an email to: email@example.com“