ING Groep NV agreed to pay $900m 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 the country’s banks in a criminal case.
Bloomberg News reports that the company acknowledged “serious shortcomings” in executing customer due diligence policies to prevent financial crime at its Dutch unit from 2010 through 2016, according to a statement from the Amsterdam-based bank on Tuesday.
The firm is taking action against a number of current and former senior employees in relation to the case, though said that it expects to resolve the matter with the U.S. Securities and Exchange Commission without further fines.
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