ABN Amro settles $500 million for violations
Bank violated sanctions and failed to set up adequate AML programme
WASHINGTON, DC – ABN Amro has agreed to pay $500 million as part of a settlement with the US Department of Justice concerning claims that between 1995 and 2005, it facilitated transactions with institutions and customers in Iran, Libya, the Sudan and Cuba. It was further accused of wilfully violating sanctions and failing to establish an adequate anti-money laundering (AML) programme.
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