ABN Amro Group NV has fired six employees at its private banking arm in Dubai after discovering they breached its code of conduct.
The Dutch bank said Wednesday that the employees, four of whom were relationship managers, breached internal compliance rules by enabling clients to use their personal accounts for illicit business transactions.
“We offer private banking, and feel that using our services this way is improper,” a spokeswoman said. “We maintain a high standard world-wide for client acceptance,” she said.
ABN Amro said it immediately notified Dubai authorities after receiving indications of the breaches in mid-2014. The Dubai Financial Services Authority declined to comment.
The breach of compliance rules was first reported by Dutch newspaper Het Financieele Dagblad.
