ABN Amro Private Banking Dubai fined for AML “shortcomings”, sacks nine

5 November 2015 | 2 minutes read

The Dutch bank has been fined more than US$1 million for “serious shortcomings in the client acceptance and risk management processes, aimed at preventing money laundering” at its private banking branch in Dubai. In a statement, the bank said it was fined 625,000 euros (US$680,000) by Dutch central bank De Nederlandsche Bank and US$$640,000 by the Dubai Financial Services Authority. It…

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