Finance Minister Criticizes Bank Money Laundering Rules

Minister Heinen of Finance stated that regulations requiring banks to monitor for criminal money have gone too far, according to a letter to the House of Representatives. These anti-money laundering checks cost banks 1.4 billion euros annually and impede consumers and companies from opening bank accounts, Heinen explained in his letter outlining his vision for the financial sector.

He noted that the current approach is “stuck,” with banks employing 13,000 staff to monitor transactions and detect unusual patterns, accounting for one-fifth of bank employees. This results in high costs and the exclusion of entire economic sectors suspected of requiring costly controls.

Heinen mentioned examples of intrusive questioning, payment system access barriers, and even discrimination. Banks previously attempted to conduct joint money laundering checks under “Transaction Monitoring Netherlands” (TMNL) but faced privacy concerns from the House and the Dutch Data Protection Authority.

Although the initiative was halted, Heinen is reopening the discussion, suggesting that a balance should be sought between being strict on criminals, protecting privacy, and reducing regulatory burdens, and advocating for increased data-sharing.

Source: NOS

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