ING Bank has settled a money laundering case with the Dutch authorities by paying a fine of €775 million (US$900 million).
Amongst a long list of shortcomings, the bank failed to identify ultimate beneficial owners of accounts and did not notice unusual transactions.
Investigators said ING violated Dutch laws on preventing money laundering and terrorist financing “structurally and for years” by failing to stop customers’ accounts being used for money laundering between 2010 and 2016.
Investigations found serious shortcomings, including customer due diligence files missing or incomplete, assignment of incorrect risk classifications and insufficient staff availability.
“Clients for years were able to make use of ING bank accounts for criminal activities pretty much undisturbed,” a statement issued by prosecutors said.
Investigations by Dutch authorities found that the errors were not down to individuals, but more the fault of “collective shortcomings at all responsible management levels”.
“ING should have seen that the money streams that ran through those bank accounts possibly were coming from crime,” prosecutors said.
“We deeply regret that our business in the Netherlands did not adequately fulfil its role as gatekeeper to the financial system helping fight financial crime,” an ING statement said.
Categories: Trade Based Financial crimes News