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ABN AMRO pays multimillion fine in money laundering probe

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THE HAGUE – ABN AMRO has agreed to pay 480 million euros ($574 million) as part of a settlement with prosecutors who accused the Dutch state-owned bank of “serious shortcomings” in tackling money laundering, prosecutors and the bank said Monday.

The settlement was made up of a 300 million-euro fine and 180 million euros paid to cover “unlawfully obtained gains,” prosecutors said.

The fine “reflects that as a result of the serious shortcomings, certain clients that engaged in ... criminal activities were able to abuse bank accounts and other services of ABN AMRO for a longer period of time,” the Dutch Public Prosecution Service said in a statement.

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