Wednesday, September 5, 2018

Major Bank Agrees on Huge Out of Court Settlement for Money Laundering

The major Dutch bank, ING, has reached a 775 million Euro out of court settlement with the public prosecution because it has failed to properly monitor money transfers for money laundering. Dutch banks are required by law to report suspicious transactions. The public prosecutor said that bank clients were able to use their accounts for criminal activities for many years undisturbed. The bank acknowledges serious shortcomings.

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