ING Voices Support for Creation of EU Money Laundering Body: FT
01 Nov 2019

ING’s chief executive said his institution would “absolutely” support EU proposals to create a cross-border authority charged with overseeing anti-money laundering efforts in the bloc, the Financial Times reported Thursday. 

The comments follow the disclosure that EU finance ministers are expected to formally task the European Commission with considering the launch of an independent anti-money laundering body empowered to enforce the bloc’s standards on a national level, the newspaper said. 

“We’re absolutely in favour of tackling this on at least a European level, if not even beyond,” ING’s Ralph Hamers said in the report. 

The plan is appealing to the bank, in part, because national banking supervisors have interpreted the EU’s AML directives in various ways, according to Hamers. 

“You have to comply with everyone in a different way,” said Hamers. “We’d want to standardise that as much as possible.”

The Amsterdam-based bank has been involved in some of the EU’s most high-profile money laundering scandals in recent years, the FT said. Last year, Dutch authorities imposed a record-breaking €775-million penalty on the institution for permitting companies to launder hundreds of millions of euros through ING accounts. 

Photo: Jázmina at Hungarian Wikipedia [CC BY-SA 3.0], via Wikimedia Commons

RiskScreen: Eliminating Financial Crime with Smart Technology

Advance your CPD minutes for this content, by signing up and using the CPD Wallet

FREE CPD Wallet