Rabobank announced the expansion of the group management on Thursday with the publication of the annual figures for 2021. The bank was previously subject to a penalty payment from regulator De Nederlandsche Bank (DNB) because the control of money laundering in the consumer division is not in order.
“Although improvements have been made, we recognize that we have not yet sufficiently remedied the shortcomings to adequately meet the requirements of the Wwft,” said chairman of the board Wiebe Draijer. “We are therefore continuing our efforts to continue building a robust and future-proof KYC organization. To strengthen that, we are creating a new position in our group management with a specific focus on KYC compliance.”