Saturday, October 31, 2020

ING bankers may face money laundering prosecution – Report


Multiple board members and former board members of ING may still be prosecuted for their role in a massive money laundering case at the bank. The court in The Hague will soon rule on an Article 12 procedure that can force their prosecution, the Financieele Dagblad reported on Friday.

Last year ING settled with the Public Prosecutor and paid a fine of 775 million euros for not doing enough to prevent money laundering. There were multiple shortcomings at the bank when it came to screening customers and reporting suspicious transactions, according to the Prosecutor. When this settlement was made, the Prosecutor saw no grounds for prosecuting ING bankers for non-compliance with the money laundering rules.

Last year investor Sam van Doorn and a number of others filed an Article 12 procedure to try and force the Public Prosecutor to prosecute ING CEO Ralph Hamers. They found it unacceptable that there was no criminal prosecution after it was shown that the bank had made money laundering possible due to poor supervision. On Friday the complainants told FD that they are now also targeting other bank members.

If the Court of Appeal in The Hague rules in favor of the claimants, the Public Prosecutor must again look into prosecuting the bankers. If that happens, it may reverse the settlement the bank made with the Prosecutor last year. That means that the Dutch State may have to pay back the 775 million euros fine ING paid.

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