Home News/Articles One of The Largest Ever Money Laundering Settlements In Netherlands

One of The Largest Ever Money Laundering Settlements In Netherlands

The shortcomings identified resulted in clients having been able to use their bank accounts for money laundering practices for years.

  • Of the settlement, $780 million was proposed as a fine and $115.5 million as return of ill-gotten gains.
The Story Of One of The Largest Ever Money Laundering Settlements In Netherlands one of the largest ever money laundering settlements in netherlands One of The Largest Ever Money Laundering Settlements In Netherlands money laundering e1537337789295
The Story Of One of The Largest Ever Money Laundering Settlements In Netherlands

Dutch multinational banking and financial services corporation ING has agreed to pay $900 million (775 million euros) in a settlement with prosecutors for money laundering practices.

After passing one of the largest ever settlements in the Netherlands, ING said in a statement, “the shortcomings identified resulted in clients having been able to use their bank accounts for money laundering practices for years”,

According to a report in Reuters, the financial crime prosecutors said ING had violated laws on preventing money laundering and financing terrorism “structurally and for years” by not accurately examining the beneficial owners of client accounts and by not perceiving uncommon transactions through them.

The prosecutors further said, Of the settlement, $780 million was proposed as a fine and $115.5 million as return of ill-gotten gains.

ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks.

ING Bank was included in a list of global systemically important banks in 2012.

In 2017, ING served 37.4 million clients in more than 40 countries. The company is a component of the Euro Stoxx 50 Stock Market index.

 

http://www.thetimesbusiness.com/the-story-of-one-of-the-largest-ever-money-laundering-settlements-in-netherlands/