Wednesday, 7 February 2018

Subsidiary of Dutch bank Rabobank pays to resolve money-laundering case in US

A subsidiary of Dutch bank Rabobank has agreed to pay more than $368m (£265m) to resolve money laundering charges brought in the US.

The firm also pleaded guilty to trying to obstruct the examination by the US authorities.

The US said the bank "chose to look the other way" when faced with millions of dollars in transactions indicative of criminal activity.

Rabobank called the violations "regrettable and unacceptable".

"Rabobank is fully committed to conducting business with the highest levels of integrity, which includes strict compliance with all applicable laws, regulations, and standards in each of the markets and jurisdictions in which it operates," Wiebe Draijer, chair of Rabobank's managing board, said in a statement.

The case, filed in a federal court in San Francisco, concerned transactions processed between 2009 and 2012.

The US Department of Justice said Radobank received repeated internal alerts of suspicious transactions by "high-risk" customers at branches near the Mexican border.

BBC      News.

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