ING lax on money laundering, agrees €775m out-of-court settlement
ING’s penalty coincides with European regulators considering whether to tighten regional controls of financial crime
September 4, 2018
The public prosecution department has reached a €775m out of court settlement with ING for failing to properly monitor money transfers for potential money laundering. The department says between 2010 and 2016, the bank’s clients were effectively able to launder hundreds of millions of euros because ING was not doing its job properly. Banks are required by law to report suspicious transactions. "The criminal investigation revealed that ING NL was seriously deficient in this respect. As a result, clients were able to use accounts held with ING NL for criminal activities for many years, virtually undisturbed," the public prosecutor said. (See also: ING penalty puts Europe's money laundering controls on the spot | More Dutch banks are not taking money laundering seriously: central bank)
