ING lax on money laundering, agrees €775m out-of-court settlement

The public prosecution department has reached a €775m out of court settlement with ING for failing to properly monitor money transfers for potential money laundering. The department says between 2010 and 2016, the bank’s clients were effectively able to launder hundreds of millions of euros because ING was not doing its job properly. Banks are required by law to report suspicious transactions. ‘The criminal investigation revealed that ING NL was seriously deficient in this respect. As a result, clients were...