Seventh Employee Fired at ABN Amro in Dubai

Finance and Trade
24/06/2015 10:42

Dutch bank ABN Amro has fired a seventh employee at its Dubai private banking desk following an internal probe into irregularities. Six bankers were sacked in January for failing to comply with internal codes of conduct by enabling clients - mainly Indian private banking clients - to use their personal accounts for illicit business transactions. The Financieele Dagblad said at the time this enabled the clients to use private banking accounts to carry out transactions which should have fallen under a much stricter compliance regime. The latest sacking comes after an employee was discovered to have accepted a sum of money and then transferred it to a third party using his private account. On Monday, ABN Amro said it has closed the accounts of several of its Dubai clients.