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ING to Pay $900 Million to End Dutch Money Laundering Probe

Ruben Munsterman, Andrew Blackman
ING to Pay $900 Million to End Dutch Money Laundering Probe

ING Groep NV agreed to pay 775 million euros ($900 million) to settle an investigation by the Dutch prosecutor into issues including money laundering and corrupt practices in one of the biggest fines ever given to one of the country’s banks in a criminal case. The settlement consists of a 675 million-euro fine and a 100 million-euro “disgorgement” payment, with the total amount taken as a one-time charge in the bank’s third-quarter results. Chief Executive Officer Ralph Hamers said “preventing the bank from being used for money laundering is a top priority for ING.” The size of the team that handles customer due diligence in the Netherlands has tripled to 450 full-time positions, and more measures are being taken, he said.