By Anthony Deutsch and Bart H. Meijer

AMSTERDAM (Reuters) – Dutch bank ABN Amro on Monday said it had arrived at a 480-million-euro ($574 million) repayment with investigators in the Netherlands over tax evasion charges, which will affect its first-quarter results.

ABN Amro said in an explanation it had consented to pay a fine of 300 million euros and 180 million euros as spewing mirroring “the seriousness, scope and duration of the distinguished shortcomings” in fighting tax evasion.

The indictment administration said in an explanation its examination was continuous and that three previous board individuals, who it didn’t name, had been distinguished as suspects said to be “effectively responsible for violation” of the counter tax evasion act.

On Monday, Danske Bank said its Chief Executive Chris Vogelzang, who had recently served on ABN’s leader board, was leaving in the wake of being focused in a Dutch money tax laundering probe.

The examination concerning ABN began a year after individual Dutch bank ING paid a record fine of 775 million euros to settle a comparable case.

Albeit the ING settlement expressed that no bank managers would be prosecuted, a Dutch court in December a year ago arranged a criminal investigation concerning the job of previous CEO Ralph Hamers in the undertaking all things considered.

Prosecutors in September 2019 blamed ABN Amro for neglecting to spot accounts engaged with tax evasion, neglecting to end relations with dubious customers and neglecting to report such exchanges to the significant specialists.

“This settlement marks the end of a painful and disappointing episode for ABN Amro,” Chief Executive Robert Swaak said.

“The lessons we have learned from this experience drive us in our continued effort as gatekeepers to achieve a safer society and a financial system that meets the highest standards of integrity,” he said.

ABN said it profoundly lamented the matter and “that it has fallen short in the fulfilment of its role as gatekeeper aimed at combating money laundering.” ​

(Detailing by Anthony Deutsch and Bart Meijer; Editing by Christopher Cushing and Stephen Coates)

Topics #ABN Amro #laundering probe