ABN raises charges for coffeeshops by 1000% to cover money laundering costs

ABN AMRO is raising its bank charges for coffeeshops by 1000% to cover the costs of complying with anti-money laundering laws. From January coffeeshop owners who have a business account with the bank will pay €110 a month, compared to €9.90 presently. The bank has around 250 coffeeshop businesses on its books. ABN said in a statement that the cannabis cafés were ‘an explicit risk’ because of the cost of administering their accounts and the high penalties for non-compliance. ‘For...