Breaking: US investigates ING for money laundering

Koos Timmermans

One of Europe’s largest financial services group, ING, said it is being investigated for ‘money laundering and corrupt practices’.

ING said in a statement that:

“ING Bank is the subject of criminal investigations by Dutch authorities regarding various requirements related to client on-boarding, money laundering and corrupt practices. ING Group has also received related information requests from US authorities.

The company appears to be cooperating with investigations saying “ING Group and ING Bank are cooperating with such ongoing investigations and requests. Management has concluded under IFRS that it is more likely than not that a present obligation exists and that an outflow of resources is probable, but was not able to estimate reliably the possible timing, scope or amounts of any fines, penalties and/or other outcome, which could be significant.

The bank added that “ING expects to continue to receive more information from the Dutch authorities concerning the potential consequences of their investigation through the first half and third quarter of 2018.”

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