ABN Amro Group has fired six employees at its private banking arm in Dubai for breaching its code of conduct.
The employees, four of whom were relationship managers, have violated the bank’s internal compliance rules by enabling clients to use their personal accounts for illegal business transactions, reported The Wall Street Journal.
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The breach enabled the clients to use private banking accounts to carry out transactions which should have fallen under a stricter compliance regime.
An ABN Amro spokeswoman told The Wall Street Journal: "We offer private banking, and feel that using our services this way is improper. We maintain a high standard world-wide for client acceptance."
The Dubai office of the Dutch lender employs around 100 people, with 75 working for the private bank, and the division trades in commodities including oil and diamonds besides offering private banking services to wealthy clients.
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By GlobalData
