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Financial Services/Private Equity
Amsterdam, Netherlands
Nationality of Foreign Officials: Unspecified, Uzbekistan
Summary of Allegations:
ING Bank is being investigated by Dutch and US authorities concerning money laundering, client on-boarding and corrupt practices. A part of the investigation concerns payments from VimpelCom to companies linked to a an Uzbek government official, of which USD 184 million allegedly originated from ING.
Approximate Alleged Payments to Foreign Officials: Unspecified
Business Advantage Allegedly Obtained: Unspecified
Agencies: Netherlands: Public Prosecution Service
Results:
Year Resolved: 2018
Compliance Monitor:
Ongoing: No
Details:
Dutch authorities are conducting a criminal investigation into ING Bank. ING Bank and ING Groep are cooperating with the investigation.
On 20 March 2017, ING disclosed that it might be subject to significant penalties.
On 4 September 2018, ING announced a settlement with the DPPS regarding the corruption probe, with a fine of €675 million and disgorgement of €100 million, and an acknowledgment of severely insufficient customer due diligence policies against economic crimes between 2010 and 2016. ING stated that it was committing to imposing management’s responsibilities and suspension, also enhancing compliance programs and integrity.
Agencies: United States: Department of Justice, United States: Securities and Exchange Commission
Results:
Year Resolved: 2018
Compliance Monitor:
Ongoing: No
Details:
On 20 March 2017, ING disclosed that US authorities had requested information related to the Dutch investigation, and stated that ING Bank and ING Groep were cooperating with the information requests.
On 4 September 2018, ING announced that it expects the matter to be resolved with the SEC without further payment or conditions.
Discovery Method: Unspecified
Details:
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