An Amsterdam-based bank, ING Group NV, became involved in a U.S. Securities and Exchange Commission (SEC) investigation for having shortcomings in the execution of preventative measures against financial crimes. This includes requirements for client on-boarding, anti-money laundering (AML) regulations, and prevention of corrupt practices. However, ING won an SEC declination one day after the bank reached a settlement with Dutch Authorities. The SEC believed that based on the cooperation and information provided, it will not be recommending an enforcement action against ING.
ING agreed to pay a fine of $782 million and disgorge $115 million for the resolution of criminal investigations into lax business practices, totaling $900 million. The CEO of ING, Ralph Hamers, apologized, saying that the bank is regretful of its apathetic performance as a gatekeeper to the financial system and not meeting the standards necessary to fight financial crime. With the SEC’s conclusion of the investigation, the bank will no longer be penalized, but ING will still pay the $900 million to the Dutch Public Prosecution Service.
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