Op risk data: Sanctions-busting fines cost banks $20bn

ABN Amro HQ — ABN Amro offices in Amsterdam

ORX News
06 Sep 2019

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Jump to Spotlight: Bulgaria data breach | In Focus: Sanctions fines

In August’s largest operational risk loss, ABN Amro provisioned €114 million ($127.7 million) for a customer due diligence remediation programme after a probe by the Dutch central bank found that the lender had given most of its retail customers a neutral risk profile.

The central bank ordered ABN Amro to screen its five million retail customers in the Netherlands for criminal activity, including money laundering, and to

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