06 Dec 2019
Dutch bank ING Groep NV’s (INGA.AS) Italian business has reached a provisional deal with Milan prosecutors to settle a money-laundering investigation by paying 30 million euros ($33 million), two sources familiar with the matter said.
The proposed settlement, known as an “agreed penalty”, has yet to be confirmed by a judge but it has already won the backing of the prosecutors, the sources said.
“We are in discussions with Italian judicial authorities concerning these conclusions and related investigation. Meanwhile we do not comment”, the bank said in a statement.
Last year ING, the Netherlands’ largest financial services provider, admitted criminals had been able to launder money through its accounts and agreed to pay 775 million euros to settle the case in its home country.
The Italian investigation was launched at the beginning of this year after Milan prosecutors received requests for assistance from several other European countries, and in particular from Germany, where hundreds of people had reported online scams, the sources added.
The alleged scams investigated by Milan prosecutors were carried out from 2016 to 2018 using various online accounts and the stolen money ended up in about 310 current accounts at ING in Milan, the sources said.
By Emilio Parodi, Reuters, 5 December 2019
Read more at Reuters
RiskScreen: Eliminating Financial Crime with Smart Technology
Count this content towards your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet