09 Jul 2020
A Dutch court on Wednesday said it wanted to question the Dutch bank ING and its former chief executive Ralph Hamers, now heading for UBS, to determine whether to reopen a case that led to ING being fined for lax prevention of money laundering.
ING, the largest bank in the Netherlands, paid 775 million euro ($876 million) in a settlement with Dutch prosecutors in 2018, after failing for years to spot money laundering and other criminal activities happening through its accounts.
The settlement ended an investigation into ING and kept the bank and its board free of any criminal charges.
But a group of disgruntled investors felt justice had not been served and the court in The Hague had said it would take their demands into consideration.
By Bart Meijer, Reuters, 8 July 2020
Read more at Reuters
RiskScreen: Eliminating Financial Crime with Smart Technology
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet