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ING: reacts to the 'FinCen files' affair

( - On Wednesday ING officially reacted to the "FinCen Files" scandal which reported the circulation of "dirty money" within the world's largest banking institutions, including the Dutch financial group.

In a press statement, ING said it takes its role as guardian of the financial system "extremely seriously" and that - over the past few years - it has implemented a series of measures to improve compliance risk management and raise awareness of financial crime issues.

The group explains that this discipline has also led it to terminate its relations with certain clients.

Regarding reports that ING altered the characteristics of a transaction conducted in 2014 so as not to reveal the name of a "sanctioned" party, the group states that the party in question was not part of the transaction, but that his name appeared "erroneously" in the system.

"This has been discussed with relevant US authorities in 2014 and no further action has been taken," ING said in its statement.

The bank seems to be off the hook - the ING share price is up around 1.5% at lunchtime on Wednesday.

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