Dutch banks are working together to build a shared utility to monitor financial transactions, after establishing its technical and legal feasibility.
First mooted last September, the anti-money laundering initiative, now known as Transaction Monitoring Netherlands (TMNL), is being created by five banks – ABN AMRO, ING, Rabobank, Triodos Bank and de Volksbank.
TMNL will focus on identifying unusual patterns in payments traffic that individual banks cannot spot. Together, the five banks handle 9.8 billion payment transactions each year, or 27 million a day.
A shareholder agreement has been signed off by the banks.
Dutch banking association NVB estimates that €16bn of criminal money is laundered in the Netherlands each year. The money comes from activities such as drug trafficking, human trafficking, child pornography and extortion. Criminals make every effort to conceal the origin of their funds, and frequently abuse multiple banks for this purpose.
NVB said in September that