ZCZC
BCN-14
NETHERLANDS-BANKING-ING
Dutch bank ING settles money laundering probe
THE HAGUE, Sept 4, 2018 (BSS/AFP) – Dutch prosecutors on Tuesday said banking
giant ING has paid 775 million euros to settle a criminal investigation over
money laundering and corruption.
“ING Bank NV in Amsterdam has accepted a settlement agreement and paid 775
million euros ($897 million) as proposed by the Dutch public prosecutor’s
office,” a statement said.
ING had been involved in “serious omissions in the prevention of money
laundering”, the prosecutor’s statement added.
“It did not succeed in ensuring that bank accounts belonging to ING clients
in the Netherlands would not be used to launder hundreds of millions of euros
between 2010 and 2016.”
In a statement, ING said it “acknowledges serious shortcomings in the
execution of customer due diligence policies to prevent financial economic
crime at ING Netherlands in the period investigated”.
It also said it “sincerely regrets that these shortcomings enabled
customers to misuse accounts of ING Netherlands”.
CEO Ralph Hamers said the bank “takes full responsibility” for failing to
ensure no crime was committed.
“As a bank we have the obligation to ensure that our operations meet the
highest standards, especially where it comes to preventing criminals from
misusing the financial system,” he said.
In 2012, ING agreed to pay a record $619 million to the US authorities to
settle accusations that it had violated American sanctions banning
transactions with Cuba, Iran, Myanmar and Sudan.
ING has over 52,000 employees and customers in over 40 countries.
BSS/AFP/SR/1600 HRS