ING GROEP N.V.

INDUSTRY

Financial Services/Private Equity

CORPORATE HEADQUARTERS

Amsterdam, Netherlands

SUMMARY OF ALLEGATIONS

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

ENFORCEMENT RESULTS

Agencies: Netherlands: Public Prosecution Service
Results:
Year Resolved:
Compliance Monitor:
Ongoing: Yes
Details:

Dutch authorities are conducting a criminal investigation into ING Bank. ING Bank and ING Groep are cooperating with the investigation.

On 22 March 2017, ING disclosed that it might be subject to significant penalties.



Agencies: United States: Department of Justice, United States: Securities and Exchange Commission
Results:
Year Resolved:
Compliance Monitor:
Ongoing: Yes
Details:

US authorities have requested information related to the Dutch investigation. ING Bank and ING Groep are cooperating with the information requests.

On 22 March 2017, ING disclosed that it might be subject to significant penalties.



ENTITIES/INDIVIDUALS INVOLVED

ING Groep N.V.

ING Bank

VimpelCom

DETAILS OF HOW CONDUCT WAS DISCOVERED

Discovery Method: Unspecified
Details:
Country:

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