Tag #Bank Secrecy

What are the immediate consequences of the proposed changes to data sharing for anti-money laundering in the Netherlands?

Finance Minister Eelco Heinen proposed amending Dutch banking regulations to allow banks to share client data for anti-money laundering investigations, aiming to reduce costs and improve effectiveness. This follows concerns about the current €1.4 billion annual cost and the exclusion of certain clients due to stringent checks implemented since the 2018 ING settlement.