Rabobank, National Association (RNA), the US subsidiary of Dutch lender Rabobank, has agreed to pay around $369m as penalties and fines to settle allegations that it laundered funds likely linked to drug traffickers.

In a statement, the US Department of Justice said that RNA allowed millions of untraceable cash to be deposited in the Californian branches and transferred it without proper surveillance programme or notifying it to the federal regulators.

The statement added that the bank had pleaded guilty to the charge of conspiring to obstruct a regulatory examination.

RNA has entered into agreements with the US Department of Justice and the Office of the Comptroller of the Currency (OCC) to conclude all investigations related to the Bank Secrecy Act / Anti-Money Laundering (BSA/AML) compliance program deficiencies.

The terms of the agreement also ends the investigations related to the conduct by certain former employees before 2014.

The Financial Crimes Enforcement Network (FinCEN) also agreed to conclude its investigation adding no other penalties or measures against the bank.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Rabobank managing board chairman Wiebe Draijer said: “The findings at our subsidiary RNA relate to events that took place before 2014. The violations that took place are serious, regrettable and unacceptable.

“Rabobank is fully committed to conducting business with the highest levels of integrity, which includes strict compliance with all applicable laws, regulations, and standards in each of the markets and jurisdictions in which it operates.

“Rabobank and RNA cooperated fully with all authorities, who specifically acknowledged the bank’s cooperation.”