Transaction Monitoring Netherlands: a unique step in the fight against money laundering and the financing of terrorism
Five Dutch banks (ABN AMRO, ING, Rabobank, Triodos Bank and de Volksbank) have decided to establish Transaction Monitoring Netherlands (TMNL) in the collective fight against money laundering and the financing of terrorism. The TMNL initiative will be an addition to the banks’ individual transaction monitoring activities. TMNL will focus on identifying unusual patterns in payments traffic that individual banks cannot identify. The shareholder agreement was signed today.
Estimates suggest that EUR 16 billion of criminal money is laundered in the Netherlands each year. The money comes from activities including drug trafficking, human trafficking, child pornography and extortion. Criminals make every effort to conceal the origin of their criminal funds, and frequently abuse multiple banks for this purpose.
President Chris Buijink of the Dutch Banking Association (NVB): “The fight against money laundering and the financing of terrorism is a top priority in the banking sector. The banks contribute to preventing and combating the undermining influence of criminality and the preservation of the integrity of the financial system. They make substantial investments in this area. 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. TMNL is an essential collective step that is a world first.”