Following reports, it seems that the Bank failed to report or unduly delayed reporting suspicious transactions for numerous years, leading to a detailed investigations regarding the AML governance and systems of the Bank.
The Netherlands has seen numerous scandals over the last year after an estimated 13 billion Euros were allegedly laundered by Russian criminals using the financial system.
Following the initial announcement of the investigations the Bank’s shares dropped as much as 9.9%.
As per reported information, the ING 900 Million USD could be an indicator of the potential fine.
This new investigation is part of the EU wide campaign to tackle money laundering within the Union.