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NEWS: Dutch finance minister wants AML overhaul, warning: ‘Red tape is getting out of hand’

DUTCH Finance Minister Eelco Heinen

By PAUL O’DONOGHUE, Senior Correspondent

DUTCH Finance Minister Eelco Heinen has called for an overhaul of anti-money laundering (AML) regulations, citing excessive bureaucracy and high costs for banks.

Heinen said that compliance measures, costing Dutch banks €1.4 billion annually, have become inefficient and are hindering entrepreneurship. Compliance staff now make up about one in five workers in Dutch banks, totaling approximately 13,000 employees.

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