Rabobank settles US money laundering case

Getty Images

A subsidiary of Dutch bank Rabobank has agreed to pay more than $368m (£265m) to settle charges of money laundering brought in the united states.

The firm also pleaded guilty to trying to obstruct the examination by the american authorities.

The US said that the bank “chose to look the other way” when faced with millions of dollars in transactions indicative of criminal activity.

Rabobank called the violations “regrettable and unacceptable”.

“Rabobank is fully committed to conducting business with the highest levels of integrity, which includes strict compliance with all laws, regulations, and standards in each of the markets and jurisdictions in which it operates,” Wiebe Draijer, chairman, Rabobank of the management of the board, said in a statement.

The case, filed in federal court in San Francisco, it is a question of transactions processed between 2009 and 2012.

The U.S. Department of Justice said Radobank received repeated internal alerts of suspicious transactions by “high-risk” clients in the branches, near the Mexican border.

For example, some clients withdrew more than $ 1 million per year in cash in small amounts designed to avoid the more wide-ranging review.

But the bank chose to create a list of “verified” to the clients whose operations were exempt from review in place to investigate and follow other anti-money-laundering procedures.

The list increased from less than 10 to more than 1,000 over three years.

Two previous US research the bank’s anti-money laundering program led to the imposition of sanctions.

The agreement comes less than two months after a former Radobank vice president, entered into a plea agreement for his role in the lapses in Radobank processes.