Rabobank to pay $369 million in money-laundering case
The settlement describes how three unnamed executives ignored a whistleblower’s warnings and orchestrated the cover-up
The Associated Press (US)
Thursday, February 8, 2018
Thursday, February 8, 2018
Dutch lender Rabobank’s California unit agreed to pay $369 million to settle allegations that it lied to regulators investigating allegations of laundering money from Mexican drug sales and organized crime through branches in small towns on the Mexico border. The subsidiary, Rabobank National Association, said it doesn’t dispute that it accepted at least $369 million in illegal proceeds from drug trafficking and other activity from 2009 to 2012. It pleaded guilty to one count of conspiracy to defraud the United States for participating in a cover-up when regulators began asking questions in 2013. (See also: New calls to prosecute Dutch bank for laundering Mexican drug money)
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