ABN Amro to pay large fine in money laundering probe

The ABN Amro head office in the business district in Amsterdam, Netherlands (Peter Dejong/AP)

ABN Amro has agreed to pay 480 million euros (£415 million) as part of a settlement with prosecutors who accused the Dutch state-owned bank of “serious shortcomings” in tackling money laundering, prosecutors and the bank said.

The settlement was made up of a 300 million euro (£260 million) fine and 180 million euros (£155 million) paid to cover “unlawfully obtained gains”, prosecutors said.