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ING fail to prevent financial crime
05 September 2018
ING has been fined €775m after insufficient safegaurds led to the bank being used for criminal activities, such as money laundering, during the six-year period between 2010 and 2016. According to Dutch prosecutors, “clients for years were able to make use of ING bank accounts for criminal activities pretty much undisturbed.”
The errors were not found to be the responsibility of individuals, but rather the “collective shortcomings at all responsible management levels,” Dutch authorities found. Nonethless, ING has begun measures against several former senior employees, including holding back some of their financial packages.
Dutch prosecutors said in a statement “ING should have seen that the money streams that ran through those bank accounts were possibly coming from crime.” Chief executive Ralph Hamers said that the bank took “full responsibility” for failing to put the proper policies in place to prevent financial crime, and called this “unacceptable.” Vincent van den Boogert, chief executive of ING in the Netherlands, said it was “taking a number of robust measures to strengthen our compliance risk management.”
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