Former CEO Hamers still prosecuted in money laundering case ING | Financial

Hamers was CEO of ING between 2013 and 2020. He now holds the same position at the Swiss UBS. Under his leadership, ING had to pay a settlement of € 775 million to the judicial authorities due to inadequate money laundering checks. At the time, the Public Prosecution saw no reason to prosecute individual employees, but is now being called back by the court

The court ruled that the top of ING was aware of the failing policy on money laundering and that insufficient efforts were made to improve supervision. As a result, Hamers consciously accepted the chance that “prohibited conduct” would occur.

However, the court emphatically notes that it has not been legally and convincingly proven that he has committed criminal offenses. That judgment is reserved for the criminal judge.

The court does call ‘the facts serious’. “No settlement has been reached with the director himself, nor has he taken public responsibility for his actions,” said the judge. “The court considers it important that in public criminal proceedings the standard is confirmed that directors of a bank do not go unpunished if they have de facto led serious prohibited conduct. Citizens must be able to see that such actions are also not accepted by the government. ”

An attempt to also have ING prosecuted has been rejected by the court. The judge is of the opinion that the fine of € 775 million imposed at the time is ‘substantial’ and that ‘criminal proceedings against ING will probably not lead to another punishment’.

ING said in a response that it was satisfied with the latter decision, but regretted the decision to prosecute the former CEO. “This contradicts the judgment of the Public Prosecution Service that, on the basis of the investigation, there is no ground to prosecute employees or former employees of ING.”

Hamers’ current employer UBS continues to trust the former ING CEO. The Swiss bank says in a response that Hamers has full confidence and has taken note of the reports surrounding the criminal prosecution.

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