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ING fined $900m in Dutch money laundering case

by LLB Reporter September 4, 2018

written by LLB Reporter 4^th Sep 18 8:23 am

Dutch prosecutors have reportedly settled a money laundering case with ING Group for $900m. ING chief executive Ralph Hamers said the bank took “full responsibility”.

Prosecutors have blamed ING for violating the country’s law on preventing money laundering and financing terrorism “structurally and for years” by not stopping customers’ accounts from being used for money laundering from 2010-2016.

Prosecutors said ING had failed at its gatekeeper duties, by sometimes not identifying the ultimate beneficial owners of accounts and not noticing unusual transactions that ran through them.

“The result was that clients for years were able to make use of ING bank accounts for criminal activities pretty much undisturbed,” a prosecution statement said, adding: “ING should have seen that the money streams that ran through those bank accounts possibly were coming from crime.”