-
"Women's Underwear Trader" At ING Busted For EUR150 Million In Money Laundering
Dutch bank ING Groep, the latest financial services provider in the Netherlands, admitted on Tuesday that criminals had been able to launder money through its accounts and agreed to pay €775 million ($900 million) to settle the case. It was hardly a surprise: in fact, ING was warned as early as a decade ago that its money laundering controls were lax, the Dutch prosecutor said, in the latest case highlighting failures in European Union money laundering controls from Latvia to Denmark. ING admitted to shortcomings which had allowed clients “to use their bank accounts for money laundering practices for years” and ... (full story)