Differences Between AMLA And Money Laundering
He replaces Chris Vogelzang, who has informed the Board that he wishes to resign from his position.
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This follows a decision by the Dutch authorities to name him a suspect in connection with their investigations of potential violations of Dutch legislation relating to the prevention of money laundering at ABN AMRO. My status as a suspect does not imply that I will be charged. However, given the special situation Danske Bank is in and the intense scrutiny the bank is under, particularly in relation to anti-money laundering as a consequence of the still unresolved Estonia matter, I do not want speculations about my person to get in the way of the continued development of Danske Bank.
Therefore, I feel that the only right thing is for me to leave. He has been instrumental in the initiation of the ongoing transformation of Danske Bank and Moneyy progress and results it has already continue reading. We fully understand and respect his decision and thank him for his huge Differences Between AMLA And Money Laundering.
I am pleased that we have a strong and competent successor in Carsten Egeriis, who has been part of the Executive Leadership Team as Chief Risk Officer for almost four years. He has set a new direction for Danske Bank and done so in a way, which I personally have appreciated, because it really has been a team effort in the leadership team. Now, it will be my job, together with the rest of the leadership team and all our skilled colleagues, to continue this work, which I am looking forward to.
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With more than 3. In this context, member of the Board of Directors Gerrit Zalm has also decided to resign from the board effective today. The Board of Directors thanks him for his efforts over the past two years. Based on the investigation, the DPPS identified serious shortcomings in ABN AMRO's processes to combat money laundering in the Netherlands, such as the client acceptance, transaction monitoring and Lauhdering exit processes the so-called 'Client Life Cycle' processes in the period between andas a result of which, in certain instances, clients were able to abuse ABN AMRO accounts.
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ABN Click deeply Differences Between AMLA And Money Laundering the situation and recognises the seriousness of the matter, and that it has fallen short in the fulfilment of its role as gatekeeper aimed at combatting money laundering. In fulfilling this duty, we aim to make a meaningful contribution to a safer society. Regretfully, I have to acknowledge that in the past we have been insufficiently successful in properly fulfilling our important role as gatekeeper. This is unacceptable and we take full responsibility for this. To address these shortcomings, the bank has prioritised remediation and enhancement programmes in each of the business lines of the bank over the years, as well as bank-wide with respect to transaction monitoring.
ABN AMRO has invested heavily in these remediation and enhancement programmes over several years, Begween investments in its systems and the growth of its staff.
Unfortunately, ABN AMRO has to recognise that, despite all of its efforts and intentions, its improvement programmes have not always had the desired effect, and that several shortcomings, some of which serious, have been identified in its 'Client Life Cycle' processes. In response to the identified shortcomings in its 'Client Life Cycle' processes and in order to address increasingly strict regulations and continuously evolving forms of financial crime, ABN AMRO decided to centralise the execution of the 'Client Life Cycle' processes in October of ]
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