Skip to content
Subscriber Only

Dutch Banks Team Up to Fight Dirty Money

  • Banks across Europe are seeking to move beyond recent scandals
  • Country’s government earlier proposed to tackle legal hurdle
A closed-circuit television (CCTV) security camera monitors the exterior of the Rabobank Group money laundering investigation facility in Zeist, Netherlands, on Tuesday, July 9, 2019. 

A closed-circuit television (CCTV) security camera monitors the exterior of the Rabobank Group money laundering investigation facility in Zeist, Netherlands, on Tuesday, July 9, 2019. 

Photographer: Jasper Juinen/Bloomberg
Updated on

Five of the largest Dutch banks are exploring jointly monitoring transactions in the fight against money laundering.

Firms including ING Groep NV, Rabobank and ABN Amro Bank NV are studying whether a joint venture is feasible given “the technical and legal challenges involved,” Dutch banking association NVB said in a statement on Friday. Apart from sharing information about transactions, the banks are also looking to build algorithms together to identify illicit activity, said Christian Bornfeld, chief technology officer at ABN Amro.