ABN Amro To Pay $80M In Money Laundering Probe

Law360 (December 20, 2005, 12:00 AM EST) -- In one of the highest penalties ever imposed on a bank, federal prosecutors have fined Dutch bank ABN Amro Bank NV $80 million for money-laundering and violating federal restrictions on deals with Iran and Libya.

The fine comes as the result of an investigation into money lending institutions that do business with countries suspected of funding terrorism.

The investigation centered on transactions carried out by the Dubai branch of the bank that took place between 1997 and 2004.

Regulators alleged that ABN Amro falsified payments recorded at its U.S. branches to camouflage transactions with Bank Melli Iran and the Arab Bank...

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