AMSTERDAM: Dubai’s financial regulator has announced that it has imposed a fine of $640,000 on the Dubai branch of Dutch banking giant ABN Amro.
The Dubai Financial Services Authority imposed the fine following an investigation which found that, over the period from January 1 2013 to December 31 2014, ABN contravened a number of DFSA’s rules requiring it to implement appropriate safeguards to prevent opportunities for money laundering.
In June, ABN Amro said it had fired an employee as part of an internal investigation into its private banking operations in Dubai.
The bank launched the investigation after a March 11 report in newspaper Het Financieele Dagblad alleged the bank suspected employees in Dubai of misconduct.
