trending Market Intelligence /marketintelligence/en/news-insights/trending/912qJ6HzcBxs5sG8XLDTtA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

ING faces regulatory action in Italy after money laundering checks

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible

ING faces regulatory action in Italy after money laundering checks

Italy's central bank has instructed the local branch of Dutch lender ING Groep NV to refrain from conducting any business with new clients, citing shortcomings in its anti-money laundering processes.

The Banca D'Italia SpA said the decision follows a four-month on-site inspection of the branch that ended in January. Dealings with existing clients will not be affected by the measure, the regulator said, adding that the ban will be lifted after ING's Italian branch has expressed commitment to rapidly implement a remediation plan to address and solve weaknesses in its money laundering compliance.

ING said it will be in touch with the central bank regarding its findings and is taking necessary steps to improve its anti-money laundering processes and management of compliance risks.

The news comes months after ING paid a record fine of €775 million to settle a Dutch money laundering investigation, prompting it to cut its bonus pool for 2018. ING was also recently linked to a Russian money laundering scheme along with Dutch peers Rabobank and ABN Amro Group NV.

ING noted that the measures in Italy come in the context of steps it took following the Dutch settlement, which were aimed at enhancing its management of compliance risks and "embed stronger awareness across the whole organization."