ING’s unit probed over money laundering case

Bloomberg

ING Bank NV subsidiary Payvision is under investigation for violating anti-money laundering regulations.
The probe is related to actions dating from the period before ING bought Payvision, the bank said in a statement in response to a report by Dutch newspaper Financieele Dagblad.
ING said it is aware of the Payvision probe but is not itself a subject of this investigation. A spokesperson from the bank declined to comment further.
A spokesperson from the Dutch public prosecution service confirmed it had launched a criminal investigation after a report from the Dutch central bank in relation to a violation of the anti-money laundering and anti-terrorist financing act. The investigation is ongoing.
The Dutch bank acquired 75% of Payvision’s shares in early 2018 and bought the remaining shares in 2019 and 2020, according to the statement. After the acquisition, Payvision started “offboarding customer groups that did not fit the desired risk profile,” ING said, part of a phaseout that was completed earlier this year.
ING has previously been roiled by money laundering and compliance issues. The Dutch bank avoided prosecution in 2018 by agreeing to a $755 million settlement and admitting it had failed to comply with anti- money-laundering rules. Public criticism led to the resignation of CFO Koos Timmermans at the time.
“After our September 2018 settlement with Dutch authorities, attention for anti-money laundering has significantly increased, also at various authorities,” ING said in the statement. “ING actively cooperates with authorities and other parties
in the fight against financial economic crime.”