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ING reaches $900M settlement with Dutch authorities

Jaclyn Jaeger | September 4, 2018

Global financial institution ING announced Tuesday that it has reached a €775 million (U.S. $900 million) settlement with Dutch authorities to resolve its money laundering case. A close reading of the enforcement action offers numerous lessons for compliance and risk officers.

Under the settlement agreement with the Dutch Public Prosecution Service, ING will pay a €675 million fine and €100 million in disgorgement concerning serious shortcomings in the execution of policies to prevent financial economic crime at ING Netherlands. According to the Public Prosecution Service, ING Netherlands violated the Money Laundering and Terrorist Financing Act, a law that aims to prevent financial crimes. Under this Act, gatekeepers must, among other things, conduct customer due diligence and report unusual transactions to the Netherlands’ Financial Intelligence Unit (FIU).

Several criminal investigations by Dutch police into corruption and money laundering in recent years revealed...

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