Which authority is recorded against ING Groep N.V.?

The entry is recorded against Openbaar Ministerie (Dutch Public Prosecution Service), in the Netherlands jurisdiction, under the theme AML controls · client due diligence.

What is the current status of this entry?

Status: Concluded — settlement. Last recorded change: 4 September 2018. The matter arose or was first recorded on 4 September 2018.

How was this matter brought to light?

Criminal investigation. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.

Where can the primary sources for NL-2018-01 be checked?

The entry links to Reuters — ING settlement, 4 September 2018.

NL-2018-01 · Netherlands · 2018

ING agrees a EUR 775m settlement with the Dutch Public Prosecution Service

The prosecutor found serious shortcomings in the bank's client due diligence and transaction monitoring over several years; the bank accepted a settlement of EUR 775m comprising a fine and disgorgement.

Amsterdam canal-side bank building at night, illustrating the ING settlement — Illustrative image · ING Groep N.V.

Institution: ING Groep N.V.
Authority: Openbaar Ministerie (Dutch Public Prosecution Service)
Status: Concluded — settlement
Theme: AML controls · client due diligence
Raised by: Criminal investigation
Jurisdiction: Netherlands
Matter arose: 4 September 2018
Last recorded: 4 September 2018
Amount: EUR 775m

What the sources record

The settlement announced on 4 September 2018 comprised a EUR 675m fine and EUR 100m disgorgement.

The prosecutor's statement of facts described structural failings in customer files and monitoring between 2010 and 2016.

The bank publicly accepted the findings and set out remediation commitments.

Timeline

2018-09-04
Settlement announced by the Dutch Public Prosecution Service.

Primary sources

Reuters — ING settlement, 4 September 2018

Questions and answers on this entry

What does register entry NL-2018-01 record?: ING agrees a EUR 775m settlement with the Dutch Public Prosecution Service. The prosecutor found serious shortcomings in the bank's client due diligence and transaction monitoring over several years; the bank accepted a settlement of EUR 775m comprising a fine and disgorgement.
Which authority is recorded against ING Groep N.V.?: The entry is recorded against Openbaar Ministerie (Dutch Public Prosecution Service), in the Netherlands jurisdiction, under the theme AML controls · client due diligence.
What is the current status of this entry?: Status: Concluded — settlement. Last recorded change: 4 September 2018. The matter arose or was first recorded on 4 September 2018.
How was this matter brought to light?: Criminal investigation. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.
Where can the primary sources for NL-2018-01 be checked?: The entry links to Reuters — ING settlement, 4 September 2018.

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