Five Dutch banks are starting a collaboration to better combat money laundering and terrorist financing. The Dutch Banking Association (NVB) announced this on Wednesday.
These are ING, Rabobank, ABN AMRO, Triodos Bank and de Volksbank, which include SNS and ASN Bank. Together they set up Transaction Monitoring Netherlands (TMNL), which complements the activities that the banks are already doing in the fight against criminal money.
In the Netherlands, it is estimated that 16 billion euros in criminal money is laundered every year. This money comes from, for example, drug trafficking, human trafficking, child pornography or extortion. Criminals often use multiple banks.
The partnership will enable banks to discover unusual payment patterns that remain hidden without the collaboration.
With the cooperation, the banks want to anticipate already announced legislative changes to combat money laundering and terrorist financing.
The construction and development of TMNL is taking place in phases, reports the NVB. In time, other banks can also join the initiative.
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