ING settles money laundering case with Dutch prosecutors for 775m euros

[AMSTERDAM] Dutch prosecutors said on Tuesday they had settled a money laundering case with ING Groep NV for 775 million euros (S$1.24 billion).

Prosecutors said they blamed the bank for violating the country's law on preventing money laundering and financing terrorism "structurally and for years" by not having stopped customers' accounts from being used for money laundering from 2010 and 2016.

Of the settlement, 675 million euros is intended as a fine and 100 million euros as disgorgement of ill-gotten gains, the country's financial prosecution office said in a statement.

REUTERS