ING, ABN Amro, Rabobank, Triodos Bank and Volksbank have joined forces to establish Transaction Monitoring Netherlands (TMNL) initiative in the fight against money laundering and terrorism financing.
TMNL will be an addition to the individual transaction monitoring activities of the five Dutch banks.
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The initiative will identify unusual payment patterns, which cannot be identified by the banks individually.
The Dutch Banking Association (NVB) estimates that criminal money worth €16bn ($18.11bn) is laundered in the Netherlands every year.
Dutch Banking Association (NVB) president Chris Buijink said: “The banks contribute to preventing and combating the undermining influence of criminality and the preservation of the integrity of the financial system.
“They make substantial investments in this area. Really effective combating of this type of criminality is only possible through closer cooperation.
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By GlobalData“This cooperation will have positive consequences throughout the chain from detection to prosecution. TMNL is an essential collective step that is a world first.”
The collective transaction monitoring via TMNL will better detect criminal money flows, adding to the banks’ individual achievements from their own transaction data.
However, on a national level, collective transaction monitoring requires a chain approach, that is, from identification to detection, prosecution and conviction of criminality.
Therefore, the banks are working closely with government partners such as the Ministries of Finance and Justice and Security, the FIOD and the Financial Intelligence Unit (FIU).
