Italy-based prosecutors initiated a formal money laundering investigation into Dutch bank ING's Italian operations, a few days after the Italian central bank instructed the company to refrain from conducting business with new clients, Reuters reported March 19, citing a source close to the matter.
This follows an investigation-marred year for the Netherlands-based parent ING Groep NV. The Dutch group paid a €775 million fine to settle a money laundering investigation in 2018.
The prosecutors received requests for assistance from multiple European countries following reports of scams through the use of various online accounts, the source said, adding that the stolen money allegedly ended up in accounts opened at ING's subsidiary in Italy.
The Italian central bank already carried out its own investigation into the matter, the source said.
The Dutch company is yet to comment on the prosecutors' investigation, the report said.
Earlier in March, ING and Dutch peers Rabobank and ABN Amro Group NV were also linked to a Russian money laundering scheme.