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Dutch banks join forces to combat money laundering and terrorist financing

The coalition, comprising ABN Amro, ING, Rabobank, Triodos Bank and de Volksbank, will establish an agency to monitor their transactions, using Transaction Monitoring Netherlands (TMNL) in an effort to identify unusual patterns in payments traffic that individual banks cannot identify.

It is estimated that up to €18 billion of criminal money is laundered in the Netherlands each year from activities including drug trafficking, human trafficking, child pornography and extortion.

President Chris Buijink of the Dutch Banking Association, says: “Really effective combating of this type of criminality is only possible through closer cooperation. This cooperation will have positive consequences throughout the chain from detection to prosecution”.

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