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November 2019-January 2020

Dutch banks to work together in fight against money laundering

Five major Dutch banks will work together to improve their ability to spot suspicious transaction activity as they fight against money laundering. According to the Dutch banking association Nederlandse Vereniging van Banken (NVB), ABN Amro, ING, Rabobank, Triodos Bank and Volksbank are to set up an organisation that will monitor their combined transactions, with the aim of improving their chances of spotting and stopping money laundering. The banks plan to jointly set up a standalone operation that will combine huge volumes of transaction data with their vast IT expertise to focus on anti-money laundering (AML). The group of banks involved could expand beyond five if the project is successful. Together, the five banks involved handle 9.8 billion payment transactions every year, or 27 million transactions each day. Regulators are clamping down on money laundering, which is often linked to serious crime, and banks potentially face heavy fines for failing to prevent such activity. Banks have a vested interest in ensuring they are ...

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