ING has been blamed in Italy for shortcomings in combating money laundering. The bank is in discussion with the local regulator about measures to improve procedures in that area. No new customers are taken on as long as those conversations are ongoing.
The shortcomings came to light during an inspection conducted by the Italian central bank between October 2018 and January 2019. ING points out that since 2017, a lot of work has been done on a new policy to eliminate such risks in the future.
ING reached a settlement with justice in the Netherlands in September last year. The financial group paid a total of 775 million euros because it did too little to prevent customers from money laundering. That put the bank at a lot of social and political indignation.
ING has 1.2 million customers in Italy, according to a spokesperson. It is not clear how long the bank may not attract new customers. Whether the case leads to a possible new fine is also unclear. According to the spokesperson, ING has not set aside any money for this in advance.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.
