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Stek advises NVB: a unique step in the fight against money laundering and the financing of terrorism

Lawyers:
Ruben Elkerbout
Linde Bremmer

Five Dutch banks (ABN AMRO, ING, Rabobank, Triodos Bank and de Volksbank) have decided to establish Transaction Monitoring Netherlands (TMNL), a project in the collective fight against money laundering and the financing of terrorism. The TMNL initiative is a welcome addition to the banks’ individual transaction monitoring activities. TMNL will focus on identifying unusual patterns in payments traffic that individual banks are unable to identify. The shareholder agreement was signed last week. The construction and development of TMNL will be deployed in phases. The banks have decided to start with this initiative now in anticipation of the proposed amendment to the current legislation, due to the urgency of the fight against money laundering and the financing of terrorism. The underlying assumption for the initiative is that other banks will also be able to make use of TMNL in due course.

Stek is counselling and giving advice to NVB (Nederlandse Vereniging van Banken) and the five banks on (potential) competition law matters in relation to the cooperation between the banks.

For more information on fighting money laundering, see TMNL’s animation.

Please click here for the press release.