Amsterdam Trade Bank raided in money-laundering investigation

Amsterdam Trade Bank (ATB), which specialises in providing international trade finance to commodity dealers and financial institutions, has been raided in the course of a money laundering investigation.

The bank is suspected of failing to report unusual transactions and carry out sufficient customer due diligence.

Unusual transactions

The Dutch subsidiary of Russia’s Alpha Bank is subject to an ongoing investigation according to Marieke van der Molen of the Netherlands’ Public Prosecution Service.

“In the fight against money laundering it is very important to report unusual transactions in time and to carry out adequate customer due diligence. Banks, accountants, notaries and other gatekeepers are required to report unusual transactions,” she said.

“If those companies do not fulfill their gatekeeper function adequately, they may become subject to criminal investigations,” she added.

Trade-based bank

ATB provides financing solutions for trade and trade-associated assets to commodity traders, producers, transport companies and financial institutions.

Earlier this year it was named as one of 732 banks facilitating money laundering for Russian criminals, although it is unclear whether the banks knew they were participating in illegal activities.



Categories: Trade Based Financial crimes News