Netherland’s largest bank to pay nearly $1 billion to Dutch authorities in historic AML settlement


Netherland’s largest bank to pay nearly $1 billion to Dutch authorities in historic AML settlement

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Posted by: Brian Monroe

By Brian Monroe
bmonroe@acfcs.org
September 5, 2018

The Netherland’s largest financial institution will pay Dutch authorities 775 million euros, or $900 million, in a historic settlement for broad failures in its financial crime compliance controls that allowed illicit groups to launder an estimated hundreds of millions of dollars for years.

ING Groep admitted Tuesday to “serious shortcomings” in its anti-money laundering (AML) programs that allowed criminals to launder money “for years,” according to bank statements and government documents. In the settlement agreement with Dutch Public Prosecution Service, ING has agreed to pay a fine of €675 million and €100 million for disgorgement.

“As a bank we have the obligation to ensure that our operations meet the highest standards, especially where it comes to preventing criminals from misusing the financial system,” ING Chief

... read more at: https://www.acfcs.org/news/417115/Netherlands-largest-bank-to-pay-nearly-1-billion-to-Dutch-authorities-in-historic-AML-settlement.htm

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