ING Told to Stop Taking on Italian Clients Over Antimoney-Laundering Issues
18 Mars 2019 - 08:01AM
Dow Jones News
By Adam Clark
Italy's central bank has told ING Groep N.V. (INGA.AE) to stop
taking on new customers in the country following a report into
shortcomings in the Dutch bank's antimoney-laundering systems.
The Bank of Italy conducted an inspection at ING's Italian
operations between October and January, ING said late Saturday,
adding it won't take on new clients while it improves its
management of compliance risks.
Last year, ING agreed to pay a 775 million-euro ($877.5 million)
fine in the Netherlands to settle an investigation into failures of
due-diligence policies between 2010 and 2016, leading to the exit
of the then chief financial officer, Koos Timmermans.
Chief Executive Ralph Hamers has said the bank is taking steps
to improve its controls while leading its digital expansion. In
2018, ING generated EUR231 million in revenue in Italy, where it
has just over 900 employees.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
March 18, 2019 02:46 ET (06:46 GMT)
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