Rabobank faces punishment over customer anti-money-laundering checks

Rabobank received a draft instruction from the Dutch Central Bank on 12 October 2021. In this draft instruction, DNB orders Rabobank to remedy deficiencies in its compliance with the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act.  These deficiencies mainly concern the execution, recording and outsourcing of client due diligence, transaction…