ING: pays 775 million euros to settle money laundering probe
(CercleFinance.com) - ING has agreed to pay 775 million euros to settle investigations regarding money laundering and corrupt practices, the Dutch financial group said on Tuesday.
Under the terms of the agreement reached with the Dutch authorities, ING has agreed to pay a fine of 675 million euros and 100 million euros for "disgorgement."
ING said the investigations established "serious shortcomings" in the execution of policies to prevent financial economic crime at its unit in the Netherlands between 2010 and 2016.
The shortcomings include - amongst other things - customer due diligence files that are missing or which are incomplete, assignment of incorrect risk classifications, failure to terminate business relationships in a timely manner, and classifying clients in the wrong segments, ING said.
Shares of ING are currently down 1.8% at under 11.5 euros on Euronext Amsterdam after this statement.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Under the terms of the agreement reached with the Dutch authorities, ING has agreed to pay a fine of 675 million euros and 100 million euros for "disgorgement."
ING said the investigations established "serious shortcomings" in the execution of policies to prevent financial economic crime at its unit in the Netherlands between 2010 and 2016.
The shortcomings include - amongst other things - customer due diligence files that are missing or which are incomplete, assignment of incorrect risk classifications, failure to terminate business relationships in a timely manner, and classifying clients in the wrong segments, ING said.
Shares of ING are currently down 1.8% at under 11.5 euros on Euronext Amsterdam after this statement.
Copyright (c) 2018 CercleFinance.com. All rights reserved.