Banks have been spending billions more on fraud in recent years
It is an issue that has been going on at banks for years. They spend billions on customer and transaction research. Last week, ABN-AMRO sent a letter to business customers about the costs they charge for customer research. ABN Amro is taking a bold step in pricing money laundering risks, which is followed with great interest by other banks. Some banks simply do not allow companies from risky sectors to open an account.
low hanging fruit
In recent years, the banks have started to spend billions more on fraud prevention, which is required by the Money Laundering and Terrorist Financing Prevention Act (Wwft). Banks are looking for ways to deal with sectors that require a lot of research and are therefore expensive. Nevertheless, the list of possible sectors is not difficult to make. Think of sectors where a lot of cash is involved, such as the sex industry, investments in crypto coins, street taxi or car trade. The anti-fraud departments are a growing cost item.
"More than half of the taxi drivers in Amsterdam had been suspected or 'involved in' a criminal case at least once in the past three years."
'It is code red for the Amsterdam taxi industry', concluded Bureau Beke, research agency in the field of security issues and crime after an extensive research earlier. It is also a vulnerable sector that is accessible to criminals, as the present investigation into mala fide activities and (subversive) crime in this sector shows. Problems such as money laundering are not sector specific, according to the Center for Crime Prevention and Security (CCV). The application of the BIBOB Act for the taxi sector is not up to the municipality. After all, the national government is responsible for licensing. When the municipality receives information about problems in the taxi industry, it can contact the Transport, Public Works and Water Management Inspectorate directly or indirectly via BIBOB.
More and more bank employees are looking for potentially suspicious financial transactions on a daily basis. ABN AMRO wants to prevent financial and economic crime such as fraud, money laundering and terrorist financing. It is an important social task. This is also required by law. As a bank, they can and want to contribute to a safer society. This applies to all customers with a business current account with ABN AMRO. The size of the customer survey is related to the type of company, but can vary between EUR 3 and EUR 20 per month.
vulnerable industries
Tackling the abuse of companies is one of the areas of focus of the RIEC Amsterdam Amstelland. Companies can play a (crucial) role in subversive forms of crime such as the cocaine trade. By working together in an integrated way, we obtain more information and we can intervene better in sectors that are vulnerable to being abused for drug trafficking and money laundering. Signals of subversion can be submitted by partners to the RIEC association.
The taxi industry is a vulnerable industry, which is susceptible to crime and interesting for criminals. The approach taken by the taxi sector is currently lagging behind the seriousness and complexity of the problem. This is what the researchers conclude in the report Taxi! Malicious activities and (subversive) crime in the Amsterdam taxi industry. Amsterdam is the taxi city of the Netherlands.
