ING discloses criminal probe, says "significant" penalties possible

VEON

22/03/2017 06:39

AMSTERDAM, March 22 (Reuters) - ING  INGA.AS  disclosed in 
its annual report published last week that it is being targeted 
by Dutch prosecutors in a criminal investigation into money 
laundering and corruption that could result in significant 
fines. 
    A company spokesman on Wednesday confirmed the 
investigation, which was disclosed on page 232 of the company's 
annual report. But he could not confirm a report in Dutch 
newspaper Het Financieele Dagblad that the investigation is 
linked to a case in which prosecutors said bribes were paid to 
the daughter of the former president of Uzbekistan by several 
telecommunications companies, including Vimpelcom, which is 
based in Amsterdam.  urn:newsml:reuters.com:*:nL2N15X2GI 
    The paper cited a Dutch prosecution spokeswoman. 
    ING Spokesman Raymond Vermeulen said the bank could not 
comment beyond the annual report statement. 
    "ING Bank is the subject of criminal investigations by Dutch 
authorities regarding various requirements related to the 
on-boarding of clients, money laundering, and corrupt 
practices," the statement said. 
    It said it had also received requests for information from 
U.S. authorities and is cooperating. 
    The bank said it could not predict the outcome of the 
investigation but it is possible it will result in significant 
penalties. 
 
 (Reporting by Toby Sterling; Editing by Muralikumar 
Anantharaman) 
 ((toby.sterling@thomsonreuters.com; +31 20 504 5002;)) 
 
Keywords: ING GROEP CORRUPTION/