Former TMNL Chief Reflects on ‘Unique’ Anti-Financial Crime Initiative Amid Disbandment

Norbert Siegers, the former head of the now-defunct Dutch anti-financial crime coalition TMNL (Transactie Monitoring Nederland), described the organization as “unique” in its approach. He attributed its disbandment to evolving legislation set to take effect in 2027.

“Over the past four years, we have shown with a great team of professionals with more than 20 different nationalities that there is a lot of value in this approach under the name Transactie Monitoring Nederland (TMNL),” Siegers wrote in a LinkedIn post. “It was unique, special and educational to set up such a purpose-driven organization. Together with the banks and the FIU, we have been able to tackle money laundering more effectively.”

TMNL was launched as a groundbreaking initiative to foster collaboration among major Dutch banks in combating money laundering. The coalition included five of the country’s largest lenders—ABN AMRO, ING, Rabobank, Triodos Bank, and De Volksbank. Its central mission was to facilitate the sharing of transaction data that could indicate suspicious activities, making it one of the first national efforts of its kind among private banks.

However, the organization announced in July that its operational framework was incompatible with the European Union’s forthcoming Anti-Money Laundering Regulations (AMLR). The AMLR, which will take effect in 2027, outlines new standards for information sharing across the EU.

While there were initial hopes that TMNL could adapt to the changing regulatory landscape, possibly through reorganization or a new business model, those plans ultimately fell through. Siegers confirmed that most of the organization’s employees, including himself, have now departed.

“It is particularly unfortunate to have to say goodbye to so many nice and talented colleagues,” he wrote. “In the meantime, most TMNL employees have found a new job, and I would like to wish them a lot of success and thank them for their incredible efforts.”

Reflecting on his tenure as TMNL’s leader, Siegers expressed gratitude for the opportunity despite the challenges. “For me it was an honor to be able to lead this company. With five banks as shareholders, a diversity of stakeholders, and a changing political landscape, it was certainly not always easy, but we did succeed in generating impact and showing that tackling money laundering can be done differently,” he stated.

As for his next steps, Siegers revealed plans for a sabbatical. “I am now taking a sabbatical and would like to thank everyone with whom I have had the opportunity to work together in recent years,” he concluded.

TMNL’s closure marks the end of an ambitious project that demonstrated the potential of collaborative approaches to financial crime but ultimately succumbed to regulatory hurdles.

By fLEXI tEAM