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Milton Bradley · Dec 20, 2005, 08:05 am

http://money.cnn.com/2005/12/19/news...ex.htm?cnn=yes

WASHINGTON (Reuters) - U.S. bank regulators and supervisors announced Monday that ABN AMRO Bank N.V. will have to pay an $80 million penalty in connection with findings the bank failed to comply with U.S. anti-money laundering laws.

The Federal Reserve, New York and Illinois state bank supervisory agencies, the Financial Crimes Enforcement Network and the Treasury Department's Office of Foreign Assets Control said they had found defects in the bank's internal controls against money laundering in branches in New York and Chicago.

ABN AMRO, the largest Dutch bank, participated in transactions that violated U.S. sanctions laws and failed to report suspicious transactions, the agencies said in a statement.

The U.S. bank regulators and supervisors said De Nederlandsche Bank N.V., the regulator of Dutch banks, had also participated in issuing the consent order.

Regulators are also requiring ABN AMRO to improve compliance and risk management systems to ensure full oversight and compliance with U.S. laws.

Dec 20, 2005, 08:05 am	#1 (permalink) (top)
Milton Bradley BANNED Location: Ohio Province, Rep. of Comerica Posts: 7,320	Regulators Hit ABM AMRO With $80 Million Fine http://money.cnn.com/2005/12/19/news...ex.htm?cnn=yes WASHINGTON (Reuters) - U.S. bank regulators and supervisors announced Monday that ABN AMRO Bank N.V. will have to pay an $80 million penalty in connection with findings the bank failed to comply with U.S. anti-money laundering laws. The Federal Reserve, New York and Illinois state bank supervisory agencies, the Financial Crimes Enforcement Network and the Treasury Department's Office of Foreign Assets Control said they had found defects in the bank's internal controls against money laundering in branches in New York and Chicago. ABN AMRO, the largest Dutch bank, participated in transactions that violated U.S. sanctions laws and failed to report suspicious transactions, the agencies said in a statement. The U.S. bank regulators and supervisors said De Nederlandsche Bank N.V., the regulator of Dutch banks, had also participated in issuing the consent order. Regulators are also requiring ABN AMRO to improve compliance and risk management systems to ensure full oversight and compliance with U.S. laws.