ING: CFO quits over money laundering case
(CercleFinance.com) - ING's chief financial officer Koos Timmermans resigned on Tuesday, due to his role in a money laundering case that hit the headlines last week.
His resignation follows the announcement a week ago of a settlement regarding failures in the execution of customer due diligence policies to prevent financial economic crime at ING Netherlands.
During the investigated period (2010-2016), Timmermans was a member of the management board for banking and for several years was responsible for ING Netherlands.
"We deeply regret the shortcomings found and take this matter very seriously," said Hans Wijers, chairman of the supervisory board.
ING has agreed to pay 775 million euros to settle investigations regarding money laundering and corrupt practices that established "serious shortcomings" at its unit in the Netherlands.
Koos Timmermans joined ING in 1996. He was appointed chief financial officer in 2017.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
His resignation follows the announcement a week ago of a settlement regarding failures in the execution of customer due diligence policies to prevent financial economic crime at ING Netherlands.
During the investigated period (2010-2016), Timmermans was a member of the management board for banking and for several years was responsible for ING Netherlands.
"We deeply regret the shortcomings found and take this matter very seriously," said Hans Wijers, chairman of the supervisory board.
ING has agreed to pay 775 million euros to settle investigations regarding money laundering and corrupt practices that established "serious shortcomings" at its unit in the Netherlands.
Koos Timmermans joined ING in 1996. He was appointed chief financial officer in 2017.
Copyright (c) 2018 CercleFinance.com. All rights reserved.