ABN AMRO Group has fired another employee at its private banking arm in Dubai for breaching its code of conduct, bringing the total of fired employees in the fraud investigation up to nine.
The Dutch group, which fired six employees in March 2015, said its internal investigations yielded evidence indicating that the employee was involved in cashing a cheque from a client in 2011.
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"An amount of $21,000 was cashed via a foreign exchange office at the branch of an Iranian bank in Dubai and transferred through accounts with other banks to an account of the client at the ABN AMRO office in Singapore," the bank said in its press statement.
The bank added that it has reported this incident to the Office of Foreign Assets Control (OFAC) and the relevant supervisory authorities.
The group added that it is currently reviewing the full private banking client portfolio in Dubai and expects to wrap up this reassessment in the fourth quarter of 2015.
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
