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ABN Amro Fined for Bonus Rule Violation

ABN Amro bank has been fined €15 million by Dutch central bank De Nederlandsche Bank (DNB) for awarding its staff bonuses when, as a bank which has government support, it was explicitly banned over receiving bonuses. The fine also covers bonuses awarded to staff 1 step below the board level.

A ban on such bonuses has been implemented from 2012 for directors at state-supported banks, with the cap extended in 2015 to senior managers just below board level.

Bank Concedes Error and Social Impact
ABN Amro bank has already acknowledged that it did not comply with the rules for paying bonuses. The bank added that it recognized the social sensitivity of making such payouts while it was itself in receipt of state aid.

Not the Only Case of Misconduct
It is not the first time a large Dutch banks has been penalized for such offenses. The European payment rules helped to spark fines of 2 million euros against Rabobank in 2020.