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ARTICLE · 11 MARCH 2024

Joint Approach To Money Laundering By Dutch Banks Under Fire!

ACG International
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In the fight for a more secure Europe, tackling money laundering and terrorist financing (AML/CTF) is high on the agenda. Recently, the European Council and the European...

NetherlandsGovernment, Public Sector
ACG International
ACG International

In the fight for a more secure Europe, tackling money laundering and terrorist financing (AML/CTF) is high on the agenda. Recently, the European Council and the European Parliament reached provisional agreement on key AML/CTF measures (the regulation: 'AMLR' and the directive 'AMLD6'), highlighting the urgency of this issue.

A notable step in these measures is the creation of an overarching European money laundering authority, the European Anti-Money Laundering Authority (AMLA), which will have its home base in Frankfurt. The aim of this overarching AMLA: a paradigm shift in the unified approach to money laundering at the European level.

Amid these developments, however, came surprising news that undermines the big Dutch banks' joint money laundering approach: their joint money laundering approach does not comply with European legislation (AMLR). In other words: this must stop!

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