Dutch lender ING Groep NV issued €303 million in bonuses for 2018, a 25% decrease from the year-ago €403 million, Bloomberg News reported March 7, citing the bank's annual report.

As part of the move, the bank cut the year-over-year variable remuneration of its senior management by more than 60% on average, the report noted.

The bonus cuts follow a year marred by the bank's record €775 million fine to settle a Dutch money laundering investigation. The company already said it would cancel CEO Ralph Hamers' bonus and will pay "significantly smaller" bonuses for 2018 as a result of the settlement.

ING and Dutch peers Rabobank and ABN Amro Group NV were recently linked to a Russian money laundering scheme.