ABN Amro State informed only last week about Dubai fraud – Financieele Dagblad (Registration)

ABN Amro informed the State only about fraud at a branch in Dubai after the FD state bank had asked for clarification on the issue. Remarkable because the bank itself by a whistleblower in the summer of 2014 was informed about possible fraudulent act from the top of the office.

Gerrit Zalm, Chairman of ABN Amro

Dutch Height

According to a letter that ABN CEO Gerrit Zalm Thursday to Minister of Finance Jeroen Dijsselbloem sent and published by the Ministry. It also appears that just before the publication still had reported a whistleblower in the FD.

ABN Amro said in the letter that the board in August opened an internal investigation and also declares regulators and having informed the Supervisory Board. It is unclear when. Furthermore Salmon writes that he is bound to ‘restrictions’ that would prevent him to inform the shareholder, but that he was aware of it when he was approached by the FD

fraud accounts

The bank replaced in January almost entire top of her successful private banking desk in Dubai. The dismissed bankers made possible mostly Indian customers through intermediaries under false pretenses accounts opened at the office. Customers collapsed then no money for asset management, but turned the accounts for unauthorized business transactions, as the FD reported last week.

After the whistleblower in 2014 did a report, the internal investigation department of ABN Amro began an investigation. That forensic examination revealed in late December that some employees’ indeed has not sufficiently complied with the ABN Amro rules and policies and local regulations prescribed by the local regulator (DFSA), “the top banker in his letter.

vetted

Client Portfolio

Five customers are not investigated by the Investigation on the origin of their assets. A limited number of customers’ also appeared to use the private banking account as account for business payments, says Salmon. But according to the chief executive, there is no evidence that taking sanctions legislation violated or that employees have committed fraud. The bank also suffered no loss, but 16 ‘unusual transactions’ reported to the supervisor. Additionally Salmon reports that the entire customer portfolio (1100 pieces) is examined.

Dijsselbloem Minister noted that there was “a serious offense ‘internal rules, but that the bank’ hearty ‘intervened. The issue, therefore, has no influence on the sales plans for the state bank.