ING and Danske Bank are in the spotlight for their handling of dirty money

A LINGERIE trader, a building-materials supplier and two fruit-and-vegetable importers are all accused of laundering hundreds of millions of euros through their accounts with ING, a big Dutch bank, between 2010 and 2015. Its accounts were also used by a telecoms company, VimpelCom (now VEON), to pay $55m in bribes in order to operate in Uzbekistan (the firm admitted the charges and reached a separate settlement with Dutch and American authorities in 2016).

ING, Dutch prosecutors say, missed the signs because of “serious and repeated shortcomings” in its approach to anti-money-laundering rules. On September 4th they fined it €775m ($900m). It has acknowledged failings and will hold back bonuses for, or suspend, senior staff who fell short of standards.

ING is not the only lender in the spotlight for carelessness with dirty money. On September 4th the Financial Times reported that an independent investigation commissioned by Danske Bank, Denmark’s biggest...

via The Economist: Finance and economics Business Feeds

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