Money Laundering in ING Case

Multiple board members and former board members of banking giant ING may be prosecuted for their role in a massive money laundering case at the bank. The court in The Hague will soon rule on an Article 12 procedure that can force their prosecution.

Last year ING settled with the Public Prosecutor and paid a fine of 775 million euros for not doing enough to prevent money laundering. There were multiple shortcomings at the bank when it came to screening customers and reporting suspicious transactions, according to the Prosecutor. When this settlement was made, the Prosecutor saw no grounds for prosecuting ING bankers for non-compliance with the money laundering rules.