ABN Amro allowed money laundering
By Clara Ferreira-Marques |
May 12, 2010, Wednesday
|
Print Edition
Print Edition
UNITED States prosecutors have accused ABN Amro, now largely part of Royal Bank of Scotland, of turning a "blind eye" to US laws, using special procedures to bypass US sanctions against Cuba, Iran and other countries.
RBS, part of a trio of banks that bought ABN in 2007, said on Monday the consortium had agreed to a US$500 million fine as part of a final settlement with US authorities. The payment was covered by provision made before ABN was bought.
In the latest of a series of fines levied by the US on banks in connection with money laundering offences, ABN was charged with one count of violating the Bank Secrecy Act and a second of conspiracy to defraud the US, violating laws including the Trading with the Enemy Act.
It involved transactions on behalf of customers from Iran, Libya, Sudan, Cuba and other sanctioned countries. "ABN Amro facilitated the movement of illegal money through the US financial system by stripping information from transactions and turning a blind eye to its compliance obligations," Assistant Attorney General Lanny Breuer said.
According to court documents, for a decade until 2005 and, in a limited way, through to 2007, offices, branches, affiliates and subsidiaries of ABN removed or altered names and references to sanctioned countries from payment messages.
Prosecutors said the scheme allowed US sanctioned countries to move "hundreds of millions of dollars through the US financial system."
ABN's New York branch saw more than US$3.2 billion from shell companies and "high risk transactions" flow through it. Last year British bank Lloyds was fined US$350 million by US authorities on similar charges it faked records so clients from Iran, Sudan and elsewhere could do business within the US banking system. Credit Suisse paid US$538 million in fines in December.
RBS, part of a trio of banks that bought ABN in 2007, said on Monday the consortium had agreed to a US$500 million fine as part of a final settlement with US authorities. The payment was covered by provision made before ABN was bought.
In the latest of a series of fines levied by the US on banks in connection with money laundering offences, ABN was charged with one count of violating the Bank Secrecy Act and a second of conspiracy to defraud the US, violating laws including the Trading with the Enemy Act.
It involved transactions on behalf of customers from Iran, Libya, Sudan, Cuba and other sanctioned countries. "ABN Amro facilitated the movement of illegal money through the US financial system by stripping information from transactions and turning a blind eye to its compliance obligations," Assistant Attorney General Lanny Breuer said.
According to court documents, for a decade until 2005 and, in a limited way, through to 2007, offices, branches, affiliates and subsidiaries of ABN removed or altered names and references to sanctioned countries from payment messages.
Prosecutors said the scheme allowed US sanctioned countries to move "hundreds of millions of dollars through the US financial system."
ABN's New York branch saw more than US$3.2 billion from shell companies and "high risk transactions" flow through it. Last year British bank Lloyds was fined US$350 million by US authorities on similar charges it faked records so clients from Iran, Sudan and elsewhere could do business within the US banking system. Credit Suisse paid US$538 million in fines in December.
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