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The Dutch Central Bank (De Nederlandsche Bank, or DNB, has imposed an €8.5 million ($9.72 million) administrative fine on ABN AMRO Bank because it found shortcomings in its anti-money laundering systems.

The shortcomings cover the period from September 2023 through September 2024, the DNB said in a statement yesterday. The bank said it identified structural shortcomings in the performance of ongoing monitoring for a portion of its high-risk customers. In its fining decision, DNB illustrated these shortcomings by referring to five customer files.

“ABN AMRO acknowledges the seriousness of the shortcomings identified by DNB and the factual findings in the files examined, and accepts DNB’s conclusions. The bank has accepted the administrative fine,” the Netherlands-headquartered bank said in a statement. “ABN AMRO regrets that, in the files examined by DNB, it did not meet the standards expected of the bank in safeguarding the integrity of the financial system. The bank recognises the importance of its role as a gatekeeper and the trust that society places in it.”

The bank said that it has improved its AML processes in recent years.