Banca d’Italia orders client stop at ING in fight against money laundering
18 Mar 2019

The Italian central bank on Saturday said Dutch lender ING is not allowed to take on new customers in Italy as long as it has not improved its monitoring of client behavior.

The measure follows inspections by Banca d’Italia from October last year until the beginning of 2019, which showed ING Italy did not do enough to prevent money laundering transactions through its accounts.

ING paid a record 775 million euro ($900 million) fine in a settlement with Dutch prosecutors in September last year for failing to spot criminal use of its Dutch accounts for years.

By Bart Meijer, Reuters, 16 March 2019

Link to Reuters

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