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US SEC takes no enforcement action against ING

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US SEC takes no enforcement action against ING

The U.S. Securities and Exchange Commission will not take any enforcement action against ING Groep NV after concluding an investigation into potential shortcomings within the company to prevent money laundering and corrupt practices, the Dutch financial group said Sept. 5.

It came after ING agreed to pay €775 million to settle a probe by the Dutch Public Prosecution Service over the same matter.

The settlement comprises €675 million as fine and €100 million for disgorgement, to be recognized in the group's third-quarter results as a special item.