ABN Amro Unit Fined $1M For Fund Segregation Issues

Law360, New York (June 19, 2013, 4:26 PM EDT) -- A U.S. unit of Netherlands-owned state lender ABN Amro Bank NV has agreed to cough up $1 million in fines to settle allegations it failed to segregate or secure customer funds in violation of the Commodity Exchange Act.

The U.S. Commodity Futures Trading Commission said between March 2009 and January 2012, ABN Amro Clearing Chicago LLC reported three instances of under-segregated customer funds and one instance of under-secured customer funds, due to clerical errors or a lack of adequate policies governing the movement of customers' money....
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