As already noted, ING has also received requests for information from the U.S. Securities and Exchange Commission (SEC) in connection with these investigations. ING cooperated with these requests. Based on the settlement agreement announced today, ING expects this matter to also be settled with the SEC without further payment or imposing new conditions. As part of the settlement agreement with the Dutch Public Prosecutor`s Office, ING will pay a fine of €675 million and a severance pay of €100 million for serious breaches in the implementation of financial crime prevention measures at ING Netherlands. According to the Public Prosecutor`s Office, ING Netherlands violated the Money Laundering and Terrorist Financing Act, a law aimed at preventing financial crime. Under this law, Gatekeepers must, among other things, perform a duty of care towards customers and report unusual transactions to the Dutch Financial Intelligence Unit (FIU). ING announced today that it has entered into a settlement agreement with the Dutch Public Prosecutor`s Office (DPPS) regarding previously disclosed investigations into various customer onboarding requirements and the prevention of money laundering and corruption. Under the terms of the agreement, ING agreed to pay a fine of €675 million and €100 million for the deposit. In response to the settlement agreement, Ralph Hamers, CEO of ING, said in a statement: “As a bank, we have an obligation to ensure that our business meets the highest standards, especially when it comes to preventing criminals from abusing the financial system. Failure to comply with these standards is unacceptable and ING takes full responsibility for this. AMSTERDAM (Reuters) – Dutch bank ING Groep NV admitted that criminals were able to launder money through their accounts on Tuesday and agreed to pay 775 million euros ($US 900 million) to settle the case.
For more information about ING, see www.ing.com. You will find regular updates in the press room or via the @ING_news Twitter feed. Photos of ING companies, buildings and their managers are available on Flickr. ING`s B-Roll material is available via ing.yourmediakit.com or can be requested by e-mail from email@example.com. ING presentations are available on SlideShare. As part of the agreement announced today, ING has agreed to pay a fine of €675 million and €100 million for the deposit. In setting the amount of the fine, the DPPS took into account ING`s financial capacity (“solvency”). In addition, the amount reflects the severity, magnitude and duration of the deficiencies found, but it also indicates that it was not possible to determine to what extent and for what amounts bank accounts were actually misused at ING Netherlands. The amount of the deposit represents the little spent expenditure by ING Netherlands during the period of implementation and implementation of the fec-CDD directives and procedures. These combined amounts will have an impact on ING Group`s net income of €775 million in the third quarter of 2018, which should be recognised as a special effect. The comparison announced today has no influence on ING`s strength, the implementation of our strategy or our commitment to our customers, shareholders and other stakeholders. A subsidiary of the Intercontinental Exchange, based in New York, has agreed to pay $8 million for compliance breaches related to the provision of securities to subscribers in a transaction with the SEC.