Reported by NL # Times

Dutch entrepreneurs active in Nigeria say that Rabobank is “bullying” and “terrorizing” them with its anti-money laundering policy. The bank floods them with forms, questions, and demands and freezes their accounts at the drop of a hat, four entrepreneurs told the Financieele Dagblad.

Rob Deckers’ company sold and shipped trucks to West Africa, mainly Nigeria, for 34 years. He has now had to move his business out of the Netherlands, he said. “I was terrorized for 2.5 years, it was a witch hunt.” Rabobank contacted him every day about his company’s transactions. “I had to fill out all kinds of documents again and again, reduce the share of cash payments to less than 10%, and renovate my database for a lot of money.” 

Deckers said he did everything he could to meet Rabbank’s increasingly “unattainable” deadlines and demands. But in October, the bank still informed him that his company posed too great a risk of money laundering and terrorism financing. 

Read full report: https://nltimes.nl/2024/05/27/rabobank-terrorizing-dutch-businesses-nigeria-money-laundering-checks