U.S. Fines Dutch Bank ABN Amro $80 Million
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ABN Amro Bank will have to pay an $80-million penalty because it failed to comply with U.S. laws designed to block money laundering, U.S. bank regulators and supervisors said.
The Federal Reserve, two state bank supervisory agencies, the Financial Crimes Enforcement Network and the federal Office of Foreign Assets Control said they had found defects in Amsterdam-based ABN Amro’s internal controls against money laundering in its New York and Chicago branches.
The bank participated in transactions that violated U.S. sanctions laws and failed to report suspicious transactions, the agencies said.
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