Global financial institution ING confirmed that it is the subject of a criminal investigation by Dutch authorities for money laundering and corrupt practices in Uzbekistan. The Netherlands-based company said it has also received related information requests from U.S. authorities
In its annual report filed with the Securities and Exchange Commission on March 20, ING said it is the subject of criminal investigations “regarding various requirements related to the on-boarding of clients, money laundering, and corrupt practices.”
“The bank is suspected of having failed to report, or report in a timely fashion, irregular transactions,” Marieke van der Molen, spokeswoman for the Dutch financial crimes prosecutor, said in a statement.
ING said it is “cooperating with such ongoing investigations and requests. It is currently not feasible to determine how the ongoing investigations and requests may be resolved or the timing of any such resolution, nor to estimate reliably the possible timing, scope, or amounts of any resulting fines, penalties and/or other outcome, which could be significant.”