ABN AMRO has agreed to pay €480 million ($574 million) as part of a settlement with the Netherlands Public Prosecution Service (NPPS) due to serious shortcomings in tackling money laundering across a number of controls, including incorrect customer risk classification, insufficient client due diligence and ineffective transaction monitoring procedures. Financial institutions should study the shortcomings identified and review their own controls to ensure they are compliant with regulatory requirements.

https://www.prosecutionservice.nl/latest/news/2021/04/19/abn-amro-pays-eur-480-million-on-account-of-serious-shortcomings-in-money-laundering-prevention