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ING settles corruption, money laundering probe
Published on: Wednesday, September 05, 2018

THE HAGUE: Dutch prosecutors on Tuesday said banking giant ING has paid 775 million euros to settle a criminal investigation over money laundering and corruption.

"ING Bank NV in Amsterdam has accepted a settlement agreement and paid 775 million euros ($897 million) as proposed by the Dutch public prosecutor's office," a statement said. ING had been involved in "serious omissions in the prevention of money laundering", the prosecutor's statement added.

"It did not succeed in ensuring that bank accounts belonging to ING clients in the Netherlands would not be used to launder hundreds of millions of euros between 2010 and 2016."

In a statement, ING said it "acknowledges serious shortcomings in the execution of customer due diligence policies to prevent financial economic crime at ING Netherlands in the period investigated".

It also said it "sincerely regrets that these shortcomings enabled customers to misuse accounts of ING Netherlands". CEO Ralph Hamers said the bank "takes full responsibility" for failing to ensure no crime was committed.

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