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ING facing criminal charges in Luxembourg in 2018 case
Finance

ING facing criminal charges in Luxembourg in 2018 case

by Yannick LAMBERT 14.03.2022 From our online archive
Money laundering case dates back to the same year that ING settled a case in a Dutch court
ING Luxembourg headquarters in the Gare district
ING Luxembourg headquarters in the Gare district
Photo credit: Guy Jallay

ING Luxembourg is facing criminal charges over anti-money laundering shortcomings, the Dutch banking group has said, in a case dating back to 2018, the year that it settled a major money laundering case in the Netherlands.

"In January 2022, a Luxembourg investigating judge informed ING Luxembourg that he intends to instruct the relevant prosecutor to prepare a criminal indictment regarding alleged shortcomings in AML process at ING Luxembourg," the annual report for 2021 said. 

The news was first reported by the Luxembourg finance website Investment Officer last Thursday. In its annual report, ING said it did not expect a material financial effect from the Luxembourg case.

In 2018, the same year that the investigation in the Grand Duchy began, the bank admitted that criminals had been able to launder money through its accounts, reaching a €775 million settlement with a Dutch court.  

"I can only confirm that an investigation was opened in March 2018 and that at this stage the procedure is covered by the secrecy of the investigation," a spokeswoman for the Luxembourg prosecution said. "Neither the investigating judge nor the public prosecutor will comment on this case", she said.

A spokesperson for ING Luxembourg on Monday said that the bank would not comment any further as the investigation was ongoing.


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