Dutch prosecutors on Tuesday said banking giant ING has paid 775 million euros to settle a criminal investigation over money laundering and corruption.

“ING Bank NV in Amsterdam has accepted a settlement agreement and paid 775 million euros ($897 million) as proposed by the Dutch public prosecutor’s office,” a statement said.

ING had been involved in “serious omissions in the prevention of money laundering”, the prosecutor’s statement added.

“It did not succeed in ensuring that bank accounts belonging to ING clients in the Netherlands would not be used to launder hundreds of millions of euros between 2010 and 2016.”

In a statement, ING said it “acknowledges serious shortcomings in the execution of customer due diligence policies to prevent financial economic crime at ING Netherlands in the period investigated”.

It also said it “sincerely regrets that these shortcomings enabled customers to misuse accounts of ING Netherlands”.

CEO Ralph Hamers said the bank “takes full responsibility” for failing to ensure no crime was committed.

“As a bank we have the obligation to ensure that our operations meet the highest standards, especially where it comes to preventing criminals from misusing the financial system,” he said.

In 2012, ING agreed to pay a record $619 million to the US authorities to settle accusations that it had violated American sanctions banning transactions with Cuba, Iran, Myanmar and Sudan.

ING has over 52,000 employees and customers in over 40 countries.

Leave a Reply

Your email address will not be published. Required fields are marked *