INGA&O advising as Dutch banking giant ING hit with £700m fine
The bank has been fined for allegedly not preventing accounts from being used for money laundering
September 04, 2018 at 08:32 AM
2 minute read
Allen & Overy (A&O) is advising Dutch banking group ING over an investigation by the Dutch Public Prosecution Service (Openbaar Ministerie), resulting in the bank being fined €775m (£698m) for allegedly failing to carry out due diligence, which enabled customers to easily launder money.
The fines include a principal fine of €675m (£608m) and an additional €100m (£90m) fine for "disgorgement", intended to deter future violations.
The Dutch Public Prosecution Service (Openbaar Ministerie) said that between 2010 and 2016, ING "did not prevent bank accounts of ING customers in the Netherlands from being used for the laundering of hundreds of millions of euros".
It added: "Clients for years were able to make use of ING bank accounts for criminal activities pretty much undisturbed. ING should have seen that the money streams that ran through those bank accounts possibly were coming from crime."
A&O fielded a team out of its Amsterdam office, headed by white-collar litigation partner Hendrik Jan Biemond, with additional support coming from New York-based litigation partner Todd Fishman.
In a statement, ING said it "acknowledges serious shortcomings" in its customer due diligence policies, and that it "sincerely regrets that these shortcomings". It added that it had taken "various steps to enhance its compliance risk management" and "will further strengthen its compliance culture and awareness".
The Dutch bank had previously turned to DLA Piper in a 2014 class-action litigation relating to residual debt issues.
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