ING pays fine to settle investigation

Dutch banking firm ING Group announced Tuesday it had agreed to pay a fine of €675 million ($782 million) and €100 million for disgorgement, settling regulatory issues in its ING Netherlands business with Dutch authorities.

The deal with the Dutch Public Prosecution Service (DPPS) related to previously disclosed investigations regarding various requirements for client on-boarding and the prevention of money laundering and corrupt practices.

ING acknowledged serious shortcomings in the execution of due diligence policies to prevent financial economic crime at ING Netherlands in the period under investigation— from 2010 to 2016.

Restoring the bank's integrity

ING said it sincerely regretted that the shortcomings in question that had enabled customers to misuse accounts.

"We are taking a number of robust measures to strengthen our compliance risk management and support a strong risk culture and will be making further improvements to ensure we can play a full role in contributing to protecting the integrity of the financial system," Vincent van den Boogert, CEO of ING in the Netherlands, said in a statement.

The lender has initiated measures against a number of former employees in senior management positions who had a broader responsibility for the safeguarding and execution of safety measures.

In connection with the investigations in the Netherland, ING has also received information requests from the US Securities and Exchange Commission. ING has been cooperating with these requests.

Based on Tuesday's settlement agreement, ING expects that this matter will also be resolved with the SEC without further payment or the imposition of further conditions.

hg/jd (Reuters, AFP)