Business World

Wednesday 14 November 2018

ING's chief financial officer quits following money laundering scandal

ING bank (Steve Parsons/PA)
ING bank (Steve Parsons/PA) Business Desk Business Desk

The chief financial officer of Dutch bank ING has resigned following a money laundering scandal that led to a huge fine for the bank.

ING said Tuesday that Koos Timmermans, who is also a member of the bank's executive board, was stepping down as ING moves to "further strengthen our handling of compliance risks".

The Dutch financial prosecution service said last week that ING for years failed to adequately implement a law aimed at preventing money laundering and the financing of terrorism by not carrying out adequate checks on clients and not sufficiently investigating suspicious transactions.

ING paid €775m to settle the case.

ING supervisory board chairman Hans Wijers said "we came to the conclusion it is appropriate that responsibility is taken at executive board level".

Press Association

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