According to the Money Laundering and Terrorist Financing Prevention Act (Wwft), financial institutions must report transactions of more than 2,000 euros to the Financial Intelligence Unit (FIU). This organization then analyzes whether it is a suspicious transaction. And if that is the case, further investigation will be initiated by, for example, the police. Or the tax authorities.
Report quickly
In order to conduct an investigation as quickly as possible, banks or other institutions must report unusual transactions as quickly as possible. “That can contribute to (facilitating) money laundering and terrorist financing,” explains DNB.
The transactions in question took place over a period of no less than three years, from January 2019 to February 2022. The company itself raised the alarm with DNB and reported the transactions to the FIU.
If the company still wants to object to the fine, it has six weeks to do so.
Heavy fines for banks
In recent years, banks have received hefty penalties for insufficient control over their customers and the transactions they carry out. ABN Amro fined 480 million euros for violating anti-money laundering legislation. And ING reached a settlement of no less than 775 million euros.
And Rabobank is also under a magnifying glass. At the end of last year, the Public Prosecution Service launched a criminal investigation into the bank following a report from DNB. In 2018 and 2021, the bank already received a big blow from DNB, including a fine of half a million.
