As reported by InvestmentOfficer.lu, ING is under scrutiny by the Luxembourg judiciary. The bank’s latest annual report, published on 8 March, confirms this.
“In January 2022, a Luxembourg investigating judge informed ING of his intention to instruct the competent prosecutor and to prepare a criminal indictment regarding alleged deficiencies in the AML process at ING Luxembourg,” ING’s annual report states.
Contacted by Delano’s sister publication Paperjam, the judicial administration acknowledges that an investigation was opened in March 2018, but says that at this stage neither the investigating judge nor the public prosecutor’s office will make any further comments on this case.
No significant financial impact
When contacted by Paperjam, ING confirms that a judicial procedure is underway, as stated in its annual report. However, the bank does not wish to provide any further comment, as the case is still in its early stages.
In its latest annual report, the bank states that it is not yet possible to determine how the case will be handled and when it will be resolved. However, “ING does not expect the financial outcome of this case to have a material effect,” the document states.
In its response to Paperjam, ING recalls that it has been regularly monitored by regulators in various countries in recent years. The banking institution adds that it works closely with the authorities to improve the management of non-financial risks, both in terms of tools, monitoring, governance, expertise and corporate culture.
An agreement with the Dutch authorities in 2018
The bank’s annual report states that “ING continues to take steps to improve its compliance risk management and to raise awareness across the organisation” and adds: “These steps are part of the overall KYC [know your customer, editor’s note] programme and a series of initiatives, which include improving KYC risk management.”
ING had reached a financial agreement with Dutch authorities in September 2018 regarding anti-money laundering issues. This has been followed by close attention from the various authorities where ING provides its services, as highlighted in its annual report: “Interactions with these regulatory and judicial authorities include, and can be expected to continue to include, on-site visits, requests for information, investigations and other requests for information.”
This story was first published in French on . It has been translated and edited for Delano.