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

Bank acknowledges shortcomings in case tied to Russian company
No additional fines expected from U.S. regulators, ING says

ING acknowledged "serious shortcomings" in executing due diligence policies. Bloomberg’s Reuben Munsterman reports.(Source: Bloomberg)

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By Ruben Munsterman and Andrew Blackman

September 4, 2018 at 5:30 AM UTC

Updated on

September 4, 2018 at 11:02 AM UTC

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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. Executive Board members will give up their bonuses in 2018, according to a statement from the Amsterdam-based bank on Tuesday.