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Bitcoin basher ABN AMRO bank faces money laundering scandal

Bitcoin basher ABN AMRO bank faces money laundering scandal

A known Bitcoin basher over money laundering hailing from Netherlands the ABN AMRO Bank allegedly been involved in a money-laundering controversy. The irony of this situation is that this Dutch bank has always criticized Bitcoin for being too risky.

Bitcoin basher to money laundering scandal

The Dutch prosecutors started an investigation about the suspicious transactions and the ABN AMRO was unable to report about it. Since this story was reported, shares of the bank slumped down, dropping about a little over ten (10.3%) percent, moreover; the bonds of the bank have also declined.

The criminal probe witnessed the accused bank of facilitating the process of money laundering and has not been vetting its client. Further details are still not disclosed, however; ABN has been warned by the Central Bank of Netherland that the bank needs to clean up its act. The Dutch bank promised to look more closely into the details of its five million retail clients.

According to the Financial Times, the bank would be increasing its staff members up to one thousand and four hundred in order to comply with the AML concern in a better way. However, such stories are not new in the Netherlands.

Last year, another leading bank ING Group in the Netherlands was fined about nine hundred million dollars ($900M) for not being able to halt money laundering.

Ironically enough the known Bitcoin basher that was unable to monitor the currency flow of its own institution often criticized the leading cryptocurrency Bitcoin and other digital currencies for being risky and facilitator of money laundering. However, to date, such illicit activities are facilitated through banks.

Shawn Du'Mmett

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

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