THE HAGUE, Netherlands – Dutch bank ABN Amro has been fined more than 1 million euros for "serious shortcomings" in procedures to prevent money laundering at its private banking branch in Dubai.
The bank announced Wednesday it has been fined 625,000 euros ($682,000) by the Dutch central bank and a further $640,000 (586,000 euros) by the Dubai Financial Services Authority.
The banks says the regulators had found "serious shortcomings in the client acceptance and risk management processes, aimed at preventing money laundering" at the Dubai bank. The regulators also pointed to "shortcomings" in oversight by ABN Amro's head office of its Dubai branch.
ABN Amro says in a statement it "sincerely regrets these irregularities" and will not appeal. It stressed that regulators did not find that money laundering actually happened at the Dubai branch.