ABN AMRO on Monday announced it agreed to a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service to resolve years of anti-money laundering (AML) failings. In the announcement, ABN AMRO CEO Robert Swaak stated, “As a bank we do not merely have a legal, but also a moral duty to do our utmost to protect the financial system against abuse by criminals. In fulfilling this duty, we aim to make a meaningful contribution to a safer society. Regretfully, I have to acknowledge that in the past we have been insufficiently successful in properly fulfilling our important role as gatekeeper. This is unacceptable and we take full responsibility for this.”
At long last, a CEO has asserted banks have a “moral duty” to fight money laundering and protect communities. Of course, these words must be set alongside actions, but they should still be welcomed by all in the global AML community.
