ING
The bank has been fined for allegedly not preventing accounts from being used for money laundering
September 04, 2018 at 08:32 AM
1 minute read
Allen & Overy (A&O) is advising Dutch banking group ING over an investigation by the Dutch Public Prosecution Service (Openbaar Ministerie), resulting in the bank being fined €775m (£698m) for allegedly failing to carry out due diligence, which enabled customers to easily launder money.
The fines include a principal fine of €675m (£608m) and an additional €100m (£90m) fine for “disgorgement”, intended to deter future violations.
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