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NETHERLANDS-BANKING-EARNINGS
Money laundering scandal leaves stain on ING results
THE HAGUE, Feb 6, 2019 (BSS/AFP) – Dutch bank ING posted Wednesday a
slight fall in profits for 2018 following a multi-million-euro settlement
with Netherlands authorities in a money laundering investigation.
Earnings fell by 4.1 percent to 4.7 billion euros ($5.4 billion) last year
despite growth in its client base, the Amsterdam-based lender said in a
statement.
In September ING paid a huge 775 million euros to settle a criminal
investigation into money laundering which found that ING had failed to take
adequate measures to prevent money laundering.
“This past year has been filled with both achievements to be proud of and
challenges to overcome and learn from,” said ING chief executive officer
Ralph Hamers.
He said the bank was pushing ahead with a “know your customer” programme
to ensure similar lapses did not happen in future.
Despite the scandal, ING said it had expanded its client base by one
million customers in 2018 to reach 38.4 million worldwide
ING posted a 2.2 percent rise in turnover for 2018 to 18 billion euros.
The money-laundering row saw ING axe its chief financial officer Koos
Timmermans after a two-year probe by Dutch authorities that found many white-
collar crime suspects held accounts at the bank.
The case threatened to seriously damage ING’s reputation and triggered
calls for the resignation of its directors.
ING employs more than 52,000 people in 40 countries around the world.
BSS/AFP/HR/1458