The Netherlands' third-largest bank ABN Amro is to pay a 480 million euro ($575 million) settlement to prosecutors following a money-laundering probe, the bank announced on Monday. The announcement follows a 2019 investigation by prosecutors who said the Amsterdam-based bank failed to sufficiently monitor bank accounts and did not report "unusual transactions" or reported them too late. "Between 2014 to 2020, ABN Amro... failed to fulfil its role as gatekeeper with a view to combating money laundering," ABN Amro admitted in a statement. "ABN Amro has accepted a transaction of 480 million euros offered by the Public Prosecution Service," it added. Two former top ABN Amro officials, former manager Chris Vogelzang and former chief executive Gerrit Zalm, announced Monday they were resigning from their current jobs at Danish banker Danske Bank as a result of the findings. Prosecutors looked into ABN Amro after the overseeing Dutch Central Bank (DNB) ordered it in August 2019 to audit all five million of its private clients. The ABN Amro probe came in the wake of a massive 775 million euros ($928 million) fine dished out to top Dutch bank ING in 2018 over money laundering after it failed to ensure its accounts were not misused. jhe/lth