Dutch Banks Team Up To Fight Dirty Money

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Five of the largest Dutch banks are exploring jointly monitoring transactions in the fight against money laundering.

Firms including ING Groep NV, Rabobank and ABN Amro Bank NV are studying whether a joint venture is feasible given “the technical and legal challenges involved,” Dutch banking association NVB said in a statement on Friday. Apart from sharing information about transactions, the banks are also looking to build algorithms together to identify illicit activity, said Christian Bornfeld, chief technology officer at ABN Amro.

“Every bank has a different risk appetite when it comes to things like lending out money, but when it comes to money laundering and terrorist financing, that risk appetite for every bank is simply zero,” Bornfeld said in an interview. “So I think we can operate a single set of algorithms.”

Read the original article here: bloomberg.com

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