The three large Dutch banks - ING, ABN Amro and Rabobank - are largely dependent on only one company for cyber security against DDoS attacks. The cyber security firm in question is the American company Akamai, which counts 18 of the world's 30 largest banks as its customers, Financieele Dagblad reports.
Multiple banks under the supervision of Dutch central bank DNB are too lax when it comes to countering money laundering, according to the regulator. Minister Wopke Hoekstra of Finance asked the DNB to look into this after ING was slapped with a massive settlement for this same reason. He informed parliament about the results of the DNB investigation on Tuesday, ANP reports.
The European Central Bank is concerned about Dutch bank ING's ability to handle a hard Brexit, according to a report in FD. Sources told the financial newspaper that ING is being pressured to at least partially roll-back a 2016 decision to move dozens of trading desk staffers to their large office in London.
The new concern is that ING will lose access to some financial markets if Brexit continues to progress.
The Public Prosecutor reached a settlement of 775 million euros with ING. The bank allowed customers to abuse their accounts for the laundering of hundreds of millions of euros between 2010 and 2016, NOS reports.
The amount of the settlement consists of a 675 million euros fine and a reimbursement of 100 million euros. According to the Public Prosecutor, ING did not properly fulfill its role as gatekeeper of the financial system and was negligent in preventing money laundering.
The VAT increase next year will increase costs for Dutch households by an average of around 300 euros per year, according to ING economists. The low VAT rate will increase from 6 to 9 percent on January 1st, which is expected to increase inflation by 0.6 percent extra, ANP reports.
The three large Dutch banks - ABN Amro, ING and Rabobank - are structurally involved in abuses in the palm oil sector. These abuses include land grabbing, human rights violations and cutting down rainforests, according to two reports environmental organization Milieudefensie published on Monday, ANP reports.
According to Milieudefensie, between 2010 and 2018 the three banks invested at least 4.9 billion euros into 14 palm oil companies guilty of 118 abuses in nine countries.
Around 30 thousand ING and Volksbank clients are getting money back from their bank. These involve homeowners who paid too much on their mortgage between 2011 and 2016 or who had their interest adjusted, and therefore had to pay a too high penalty interest, RTL Nieuws reports.
The banks calculated a penalty interest on the adjustment due to lost interest income. But complaints revealed that the calculation of the penalty interest was always in the favor of the bank. Banks are allowed to impose a penalty interest, but it may not exceed the actual damage that they suffer.
Only 15 percent of renters in the Netherlands are satisfied with the home they live in, according to a housing index report by ING. Most common complaints involve that their rental home is too small or too expensive, RTL Nieuws reports.
Renters in the Netherlands feel that they pay too much for what they get. Many wish they had a garden or that their home was larger.
Dutch bank ING managed to track down the fault that resulted in 3 million transactions being processed twice. The bank reversed the double payments and by now all customers should have their money back, RTL Nieuws reports.
A technical failure at ING resulted in 3 million transactions being debited twice, a spokesperson for the bank confirmed to NU.nl after countless customer complaints on social media.
The double transactions mainly concern debit card payments that were processed on March 19th. According to the spokesperson, due to the fault a specific 'batch' of payment data was processed twice. It is possible that some customers had multiple transactions debited twice.
ING decided to withdraw a proposed salary increase for CEO Ralph Hamers due to mass criticism from society and politicians. "We realize that we underestimated the public response in the Netherlands to this clearly sensitive issue", chairman of the supervisory board Jeroen van der Veer said in a statement on Tuesday, ANP reports.
Many ING customers are furious about CEO Ralph Hamers' salary increase from 2 million to 3 million euros per year and are switching to sustainable banks like Triodos and ASN, the Parool reports.
GroenLinks wants to block a massive salary increase for ING CEO Mark Hamers with a legislative amendment. Party leader Jesse Klaver hopes to pass this law through parliament and the Senate as quickly as possible, so that it can be submitted to the Council of State for urgent advice this week. ING shareholders will discuss the proposed increase on April 23rd, ANP reports.
ING Bank raised the salary of CEO Ralph Hamers by more than half this year, to over 3 million euros, NOS reports. Parliamentarians are furious and demand an explanation. Minister Wopke Hoekstra of Finance is "not amused", according to newspaper AD.
Large Dutch banks invested billions in the meat industry over the past years, and a large part of that money went to companies where animal welfare is not in order, according to a new report by Eerlijke Bankwijzer. These include companies that sell battery farm chickens, keep their sows locked up in cages, or slaughter animals in controversial ways, RTL Nieuws reports.
The Eerlijke Bankwijzer, or Fair Bank Guide, looks at whether Dutch banks invest their money responsibly. Amnesty International, FNV, Mileudefensie and Oxfam Novib, among others, contribute to it.
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.
An 18-year-old Oosterhout man arrested in connection with DDoS attacks on Dutch financial institutions, wanted "to show that a teenager can simply crash all banks with a relatively simple attack", suspect Jelle S. wrote in an email to the Volkskrant shorty before his arrest.
The police arrested an 18-year-old man from Oosterhout in connection with multiple DDoS attacks on the Tax Authority, tech site Tweakers and internet provider Tweak last week, as well as on online bank Bunq in September last year. The man was arrested on Thursday, February 1st, the police said in a statement on Monday.
ABN Amro, ING, Rabobank and the Tax Authority again faced DDoS attacks on Tuesday, though this time the financial services managed to deter them better than over the weekend. The attacks caused a short disruption in payment system iDeal, but the problems were quickly restored, NOS reports.
ABN Amro was troubled by attacks all day long, but they were mostly successfully fought off, a spokesperson said to the broadcaster. Around 5:30 p.m. the bank faced a short disruption.
The Dutch Tax Authority was hit by a DDoS attack on Monday, NOS reports. According to the tax service, its site was difficult to reach for a time on Monday morning, but everything should be working again. Three Dutch banks also faced such cyber attacks since Saturday.
A number of online Rabobank services are unavailable on Monday due to a DDoS attack, the bank confirmed. Rabobank is the third Dutch bank affected by such a cyber attack since Saturday.
In a DDoS attack large amounts of data traffic is sent to a particular website, overloading its server and thereby crashing the site. According to Rabobank, some customers can currently not log into their mobile- and online banking. iDeal is also currently not available to everyone, a spokesperson for the bank told NU.nl.