ING fraud case: US, Dutch authorities demand monitoring bank’s corruption risks
The Dutch and American authorities want ING to provide insight into future corruption risks as part of a settlement on four money laundering and fraud cases against the Dutch bank. The authorities hope that additional monitoring will reduce the risk of ING getting involved in such corruption cases again, the Financieele Dagblad reports.
These four corruption cases involve money laundering in international cases, such as bribes around Russian telecom company Vimpelcom. According to the Public Prosecutor, these four corruption cases show a "broad failure of compliance" with the rules.
According to FD, ING is not exactly thrilled with the Prosecution's demand for monitoring its corruption risks, but the bank doesn't have much choice. If ING does not agree with a settlement, there will be a lengthy criminal trial that can harm the bank's reputation.
In addition to monitoring, the settlement also includes a hefty fine. The exact amount is yet to be determined, but it is expected to be in the millions of euros.
Last year ING was also mentioned in a large investigation into money laundering by Russian criminals. It is not clear whether this case forms part of this settlement.
