Dutch bank ING Groep NV admitted criminals had been able to launder money through its accounts and agreed to pay 775 million euros to settle the case.
“The shortcomings identified resulted in clients having been able to use their bank accounts for money laundering practices for years”, ING said in a statement, after signing one the largest ever such settlements in the Netherlands.
Dutch financial crime prosecutors said ING had violated laws on preventing money laundering and financing terrorism “structurally and for years” by not properly vetting the beneficial owners of client accounts and by not noticing unusual transactions through them.
ING, the Netherlands’ largest financial services provider, said it was impossible to estimate how much money was laundered through its accounts, but lead prosecutor Margreet Frohberg told Reuters “hundreds of millions of euros” were involved.
The fine is not ING’s first for failing to prevent illegal transactions. In 2012 it paid a penalty of $619 million for facilitating billions of dollars worth of payments through the U.S. banking system on behalf of Cuban and Iranian clients. [...]
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