ING Bank exec resigns after $900 million money laundering fine
12th September 2018
ING Bank exec resigns after $900 million money laundering fine
Dutch banking group ING has announced that its chief financial officer will step down after it was fined €775 million (about $900m) for poor anti-money laundering controls, including client on-boarding and customer due diligence issues. CFO Koos Timmermans (pictured) was also a member of the Management Board Banking… Read More
ING penalty puts Europe’s money laundering controls on the spot
6th September 2018
ING penalty puts Europe’s money laundering controls on the spot
When Dutch prosecutors trawled through ING’s books they found a “women’s underwear trader” had been able to launder 150 million euros (135 million pounds) through the bank’s accounts without ringing alarm bells. “It should have been clear to the bank that the monetary flows had little to do with… Read More
Money laundering: ING bank fined €775m over due diligence, client on-boarding
5th September 2018
Money laundering: ING bank fined €775m over due diligence, client on-boarding
Dutch bank ING Groep will pay 775 million euros (about $900 million) in a settlement with the Dutch Public Prosecution Service (DPPS) over its poor anti-money laundering controls which in some cases allowed customers to launder cash for years. A DPPS investigation established ‘serious’ shortcomings at the lender, including that… Read More
Money laundering: Denmark’s new business minister talks tough on Danske Bank scandal
26th June 2018
Money laundering: Denmark’s new business minister talks tough on Danske Bank scandal
Denmark’s new business minister has signalled he will take a tough line on the country’s largest lender Danske Bank, describing its admission of past failings in anti-money laundering controls in Estonia as “a disgrace and a scandal.” Rasmus Jarlov was appointed by Prime Minister Lars Lokke Rasmussen on Thursday, after… Read More
Professional fraudsters arrested over bogus shops and EUR8 million scam
21st June 2018
Professional fraudsters arrested over bogus shops and EUR8 million scam
Police have nabbed scores of individuals they believe are partly responsible for over 20,000 fraudulent transactions worth over EUR8 million. The fraud was conducted by professional fraudsters, skilled in e-commerce fraud, who set up fake online shops and bought and sold credit card data on the dark web, said Europol. Read More
Dutch government to phase out use of Kaspersky anti-virus software
15th May 2018
Dutch government to phase out use of Kaspersky anti-virus software
The Dutch government said on Monday it had decided to phase out the use of anti-virus software made by Kaspersky Labs “as a precautionary measure” and was advising companies involved in safeguarding vital services to do the same. In a letter to parliament, Justice Minister Ferdinand Grapperhaus said the decision… Read More
KPMG hit by Hong Kong High Court in $400 million fraud case
2nd April 2018
KPMG hit by Hong Kong High Court in $400 million fraud case
Global accounting firm KPMG has suffered a major setback in its battle against liquidators of former U.S.-listed healthcare firm China Medical Technologies Inc, whose executives have been charged in the U.S. with defrauding investors out of over $400 million. The China Medical case is the most high-profile and closely watched… Read More
Dutch tax office, banks hit by DDoS cyber attacks
30th January 2018
Dutch tax office, banks hit by DDoS cyber attacks
The national tax office in the Netherlands said its website briefly went offline on Monday due to a DDoS cyber attack, after the country’s largest banks were targeted. ABN Amro and ING said they were both targeted by hackers, temporarily disrupting online and mobile banking services over the weekend. Read More
Netherlands: Policeman denies selling information to criminals and laundering proceeds
16th January 2018
Netherlands: Policeman denies selling information to criminals and laundering proceeds
Mark M. appeared in court on Monday to answer charges that he laundered €79,000 that he received for passing on information from confidential files. M. admitted that he had trawled police computers as a ‘hobby’ but denied selling the information to criminals. M. spent six years in police service… Read More
Nigerian £1bn bribery: Shell’s European bosses hit with legal action
7th December 2017
Nigerian £1bn bribery: Shell’s European bosses hit with legal action
KYC360 News A group of non-governmental organisations have filed a criminal complaint against oil giant Shell and its current and former European directors, calling on the Dutch government to investigate them for foreign corruption and complicity in money laundering in Africa’s largest economy. Shell is alleged to have purchased… Read More
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