ABN Amro Fined for Lax Money Laundering Measures in Dubai

November 4, 2015 9:44 AM

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Dutch bank ABN Amro has been fined more than 1 million euros for "serious shortcomings" in procedures to prevent money laundering at its private banking branch in Dubai.

The bank announced Wednesday it has been fined 625,000 euros ($682,000) by the Dutch central bank and a further $640,000 (586,000 euros) by the Dubai Financial Services Authority.

Also read: Wells Fargo hit by record $1bn penalty

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