ING To Pay EUR 675 Mln Fine In Settlement Deal With Dutch Authorities

(RTTNews) - Dutch banking firm ING Group NV (ING) announced Tuesday that it has agreed to pay a fine of 675 million euros and 100 million euros for disgorgement as it settles regulatory issues in the ING Netherlands business with Dutch authorities.

The settlement agreement with the Dutch Public Prosecution Service or DPPS related to previously disclosed investigations regarding various requirements for client on-boarding and the prevention of money laundering and corrupt practices.

ING acknowledged serious shortcomings in the execution of customer due diligence policies to prevent financial economic crime at ING Netherlands in the period investigated, from 2010 to 2016. ING said it sincerely regrets that these shortcomings enabled customers to misuse accounts of ING Netherlands.

Vincent van den Boogert, CEO of ING in the Netherlands, said, "We are taking a number of robust measures to strengthen our compliance risk management and support a strong risk culture and will be making further improvements to ensure we can play a full role in contributing to protecting the integrity of the financial system."

ING has initiated measures against a number of former employees in senior management positions who had a broader responsibility for the safeguarding and execution of FEC CDD policies and procedures in the Netherlands.

As previously noted, in connection with the investigations ING has also received information requests from the US Securities and Exchange Commission. ING has been cooperating with these requests. Based on the settlement agreement, ING expects that this matter will also be resolved with the SEC without further payment or the imposition of further conditions.