Tuesday, 4 September 2018

Dutch bank ING fined €775m for lax crime prevention

Dutch bank ING has agreed to pay fines and other payments of €775m ($897m; £698m) after admitting errors in its policies to stop financial crime.

The bank said it regretted that its mistakes had let some customers use their accounts for things such as money laundering between 2010 and 2016.

ING chief executive Ralph Hamers said the bank took "full responsibility".

He said the bank's operations must "meet the highest standards" and that not doing so was "unacceptable".

Vincent van den Boogert, chief executive of ING in the Netherlands, said it was "taking a number of robust measures to strengthen our compliance risk management".

BBC    News.

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