Coronablues and how to handle it ABN Amro still struggling with money laundering prevention

The earth has made its circle around the sun, yet it feels like we are at a standstill. We were in lockdown then; we are in lockdown now. The situation is made considerably worse by the fact that the coronavirus has managed to mutate several times since last year and is now infecting us with different versions of itself. The Netherlands is riding its third wave of infections, and now we not only have a lockdown but also a curfew to contend with.

Many of us were able to keep our chin up and our spirits fairly high through most of last year, even when we had to miss King’s day celebrations, the Sinterklaas parades, the Christmas markets, and even the onlyonce-a-year allowed fireworks on New Year’s Eve. But now, as we close the first quarter of this new year in a never-ending status quo, we are all starting to feel the coronablues.

Being able to work from the comfort of our home in our pajamas with our loved ones in the next or even the same room may have felt like a blessing at the beginning, but now it’s starting to affect our productivity. We are cranky and edgy and want to escape the people we claim to love.

Exhaustive preparations and an arsenal of masks, tissues and hand sanitizer are required for the smallest and simplest of outings. Shopping is not therapeutic but another stressor and anxiety and loneliness have become our constant companions. So, what do we do? What can we do?

1. Step into a routine - Say what you will but we humans are creatures of habit; our daily rhythms help us make some semblance of things. So that is the first thing we can do; what we always did before the corona pandemic threw us for a loop. Set an alarm, wake up on time, take a shower and get dressed, even if you don’t have to go anywhere.

Have breakfast and be ready to start your work-day at its usual time. Have a timely lunch and coffee breaks and stop working on time. This will at least give you some sense of normalcy.

2. Work with planners and lists – Make a monthly plan, broken into smaller weekly plans. Make to-do-lists for the next day at the end of your working day or before going to bed and then chip at it one thing at a time.

3. Set personal goals – All work and no play will turn us into sad sacks of potatoes.

If the coronavirus doesn’t get us, then obesity and heart problems developed over this long-forced hibernation will surely do us in. Add some exercise to your routine. A twenty-minute brisk walk around the block will do wonders for your physical and mental health.

4. Celebrate the little things – No, we cannot plan a vacation or a trip to the zoo or theme park, but we don’t necessarily need a special place to enjoy the company of our special ones. A picnic in the park or a walk through one of the many forests can be equally relaxing and uplifting, especially now that Spring is on its way.

5. Stick to it – Try as much as you can to stick to your daily routine and plans. It will be tough without having to answer to a boss or having an office to show up at, but you have to keep at it.

6. Go easy on yourself – Your plans will fail, there will be days when you’ll barely make a dent in your to-do lists, a sick child or a runny nose will keep you down, and sometimes it will feel like things are spinning out of control. Go easy on yourself. You are only human and as such inclined to mistakes and failures. Have your mini-breakdown, then pick yourself up and make a new plan, an easier one… a simpler one.

And most of all: remember to take it one day at a time and work towards one goal at a time. Though it doesn’t seem like it, this too shall pass and both the proverbial and literal sun will shine.

Written by Priyanka Sharma

In the midst of the crackdown on money laundering, ABN Amro faces intense scrutiny and investigation over failure to combat risks of financial fraud, money laundering and other dubious financial practices by some of its clients. According to reports, the bank is still struggling with money laundering prevention, despite seeing the dire consequences faced by counterpart ING, which was fined up to 775 million euros in settlement fees in 2018 for serious negligence in combating money laundering. A court in The Hague also ruled that former ING CEO Ralph Hamers should be prosecuted for failing to supervise money laundering activities involving the bank’s clients.

The Public Prosecution Service (Openbaar Ministerie; OM), the body of public prosecutors in the Dutch criminal justice system, opened its investigation into the bank back in 2019, suspecting that ABN Amro made insufficient checks on transactions by its clients, and thus fell short in its obligations to combat money laundering. However, prosecutors from the OM have since added more serious charges, alleging that the bank may have known that illegal money flows, which had criminal sources, were occurring under its watch but did little about it. Suspects include former bank board members and former ABN Amro CEO Gerrit Zalm, all of whom currently face prosecution, according to business and financial newspaper FD. The overall focus of the investigation into ABN Amro is on the period between 2013 and 2018, during which Gerrit Zalm led the bank.

If found guilty of these serious charges, the accused could face up to two years in prison, or a fine of up to 87,000 euros. However, in order to successfully prosecute them, the prosecutors must first be able to demonstrate that they must have reasonably suspected that money flows originated from criminal sources, as stipulated in the Dutch Criminal Code.

Originally, the investigation by the Public Prosecution Service focused on the question whether or not ABN Amro had violated the Money Laundering and Terrorist Financing Prevention Act (Wwft), which was passed in 2017. This law contains provisions regarding customer screening, the identification and verification of customers, and the reporting of unusual transactions, with the overall objective of maintaining integrity in the financial system and prevent financial crimes.

Recently, ABN Amro allegedly either failed to report numerous unusual payments from its five million private customers, or failed to report such transactions on time. It was also leaked that the judicial authorities linked ABN Amro to the payment of bribes by Brazilian construction company Odebrecht. Based on sources from insiders, Odebrecht is said to have paid more than 100 million euros in bribes to South American politicians and civil servants via Dutch companies with ABN Amro accounts, according to De Telegraaf newspaper. Another high-profile case that came up in the ABN Amro investigation is the FloraHolland scam, where an employee of the Royal FloraHolland company was arrested for suspected embezzlement of 4.3 million euros over a nine-month period – money which was funneled through an ABN Amro account. The common characteristic of the abovementioned criminal cases involving dubious financial transactions is that they were noticed and reported by other parties, like tax authorities, but not by ABN Amro.

These allegations have been made despite the fact that the bank had allocated some 114 million euros to get its anti-money laundering checks in order, following earlier scrutiny and warnings by De Nederlandsche Bank (DNB), the Central Bank of the Netherlands.

Prosecutors are said to be close to a settlement with ABN Amro over the allegations of failing to report and/or investigate suspicious financial activity by its clients, according to FD, which cited sources close to the investigation. Even though ABN Amro has not yet agreed to a settlement, analysts expect the investigation to lead to a large payout, with a fine to the tune of hundreds of millions of euros. ABN Amro has previously stated that, while it would not comment on any details of the investigation, it is cooperating with the investigation.

After 36 years, Albert ten Cate is moving from Loosduinen to the Statenkwartier, with a completely new Boutique 2.0.

In the middle of the corona pandemic, Albert ten Cate Jeweler Diamantair opened its doors at 15 Aert van der Goesstraat in the Statenkwartier in The Hague. A neighbourhood he and his partner Axel have been dreaming of for some time, says Albert. “This neighborhood has a very pleasant atmosphere, a street of 200 meters with only crafts shops, where skill is of enormous importance and where our new business fits very well. Homely and light, with a wide-ranging collection for everyone; from watch strap to tiara.”

When I enter, Albert and hi partner Axel, both 50+ as they say – an age that shows craftsmanship, experience and knowledge of the trade – are working with matching face masks at the round wooden table at the back of the boutique. One threads a pearl necklace, the other examines the details of an antique jewel with diamonds. Both still regularly attend courses at the L’ÉCOLE Van Cleef & Arpels. We walk around the store and Albert tells me about his vision for the interior.

“I wanted the store to be light, spacious, warm and sustainable. LED light is everywhere with the latest technology. For the interior, we have opted for nine separate showcases, no fixed display windows or walls full of goods that get lost. Now I can alternate and flexibly move the collections or present them more to the front or in plain view.” A specialist has thought very carefully about the light. The lighting in the showcases is such that the jewelry really stands out and the clients are not blinded by the light. The lamps above the wooden sales tables and also the grain in the light floor are more emphasized by the specific light frequency, which accentuates the wood more. The light sources in the store should not blind your vision , that was the starting point. The showcases have a height of 130 centimeters, so you can view the jewelry and watches from all sides. Our old wood-carved sales tables and chairs come from Ubud, Indonesia, and the chairs have been reupholstered in a striking three-dimensional denim fabric with images of gems, a fabric that Axel found at a fabric manufacturer in Berlin. An upholsterer from Loosduinen has beautifully reupholstered them with the “old half-timbered” method, as it should be. into a light, open space with a wide passage in the middle. The distinctive wooden furniture and porcelain lamp bases, which he made in 1994 thinking “someday I will need them”, create a stunning atmosphere.

Albert’s great-grandparents had a diamond factory in Amsterdam at the beginning of the 20th century. Many generations before that, family members had already worked in the trade as diamond traders or polishers. Most of them, Jews of German and Polish descent, were deported to Sobibor and Auschwitz in World War II. Their diamonds and other valuables were confiscated by the occupying forces. The diamond factory did not survive the war either.

At the beginning of the 20th century, Albert’s grandfather, Alexander Sluizer, designed a brooch set with the finest diamonds, a so-called flight brooch. Escape jewelry was made with the purest, top quality stones, so you always had some form of liquidity with you if you had to leave home and hearth suddenly. Albert still has the brooch and wears it on special occasions. He shows how much the brooch continues to sparkle and twinkle, even in the dark.

The jewelry in the display cases covers a wide range. From Ti Sento Milano, Sif Jacobs and Rebel & Rose to rare and unique items with emeralds and, how could it be otherwise, diamonds. It’s clear that pearls have a special place in Albert’s heart. As for watches, he presents the Swiss brand Perrelet, the inventor of the automatic watch - Albert’s store is the only one in the Netherlands that sells it. Also on trend are the Jaguar Hybrid and Candino, and in particular the automatic watches of these brande. Albert has a soft spot for Switzerland, partly because he received his training in Switzerland at the Bucherer firm, after attending the Schoonhoven academy for jewelry and watches. Albert also lovingly creates a new future for old jewelry that is no longer worn. He transformed an art deco bracelet with a large green tourmaline from the roaring twenties into a special pendant for our times.

“Always stay positive. Crisis or not, a customer comes in looking for something beautiful and wants to be helped with cheer.”

When asked how things are going in the industry, Albert says: “It is a pity that jewelry no longer has the “value” of the past. Back then it was the custom to give a beautiful piece of jewelry for every special occasion. Fortunately, it is back again: the solitaire as a proposal ring. It is now a difficult time for many entrepreneurs, but my motto as a jeweler is that you should always make a visit a special occasion. Stay positive; the customer who comes in wants to see a happy face, because they come in for something special or something beautiful.” Albert ten Cate, open Tuesday to Saturday 10am-6pm, Monday and last Sunday of the month 1pm-6pm.

Aert van der Goesstraat 15 2582 AH, Den Haag +31 (0)70 39 10 337 alberttencate@planet.nl www.alberttencate.com www.residentieringdenhaag.com