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Digital Identity, Security & Online Fraud

Money laundering scandal leaves consequences on ING results

Monday 11 February 2019 | 10:22 AM CET

ING bank has posted a slight fall in profits for 2018, following a multi-million-euro settlement with Netherlands authorities in a money laundering investigation.

As such, despite growth in its client base in 2018, ING mentioned that earnings fell by 4.1% to EUR 4.7 billion, meaning USD 5.4 billion. In September ING paid EUR 775 million to settle a criminal investigation into money laundering, which found that ING had failed to take adequate measures to prevent ML. Moreover, the bank was pushing ahead with a KYC program in order to ensure that similar lapses do not happen in the future.

However, despite the incident, ING said it had expanded its client base by one million customers in 2018 to reach 38.4 million worldwide. ING posted a 2.2% rise in turnover for 2018 to EUR 18 billion.

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