By PAUL O’DONOGHUE, Senior Correspondent
DUTCH lender Rabobank has completed its AML remediation programme and is ready to move onto a new phase of its operations, according to Philippe Vollot
Vollot, who was recently announced as the firm’s COO (Chief Operating Officer), said the lender now plans to focus on a risk-based approach.
“We completed our part of the full recovery process in mid-June,” he said in an interview ahead of the Leaders in Finance AML Event.
“But of course, our regulator will now assess our control environment to ensure we comply with anti-money laundering and counter-terrorist financing regulations.”
Rabobank launched a large-scale AML remediation process after regulators uncovered systemic AML violations found between 2016 and 2021. In 2018, its US subsidiary paid over $360 million due to these issues, which included failures in customer vetting and reporting suspicious transactions.
Vollot was appointed Rabobank’s Chief Financial and Economic Crime Officer in 2022.
He said the lender now intends to follow a ‘risk based approach’ to preventing financial crime.
“Take, for example, the approach to so-called Politically Exposed Persons (PEPs)” he said.
“Throughout my career, I have never exposed a corrupt PEP simply by following that PEP protocol.”
He added: “What truly drives me is being able to deliver truly useful intelligence to law enforcement agencies. So we can have a positive impact on society. And keep the bank and our customers safe.”
Mr Vollot also said Rabobank will prioritize effective information, which can be used to catch financial criminals.
“How often do I read about a prominent money launderer being arrested, tried, and actually ending up in prison? Not very often,” he said.
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