‘Polish subsidiary ING involved in Russian money laundering’ | Financial

Trouw, FD and research platform Investico write this. They rely on a confidential report on Russian capital flight from FinCen, the financial investigation service of the US Treasury Department. The document is in the hands of the International Consortium of Investigative Journalists.

The documents would show that Dutch companies played a pivotal role in smuggling billions of dollars from Russia. These two companies were customers of ING Bank Slaski, the Polish subsidiary of ING, the three media write. The companies used an exchange trick with shares and bonds and the Polish ING bank is said to have carried out those transactions.

Settlement

ING Netherlands ran into problems in 2017 due to money laundering practices. The bank settled with the Public Prosecution Service and had to pay € 750 million because it had failed to prevent money laundering through ING accounts. After the affair in the Netherlands, there were also problems at ING in the divisions in Belgium and Italy. A customer ban in Italy was only lifted last week. ING paid a fine there too. After that, similar problems arose at Rabo and ABN Amro.

Response ING

An ING spokesperson says he cannot respond to individual customers and transactions. “It is good to note that in 2017 we started an implementation program to design anti-money laundering procedures much better. We now have 4000 people who are involved in these matters worldwide. ”

Money laundering practices via Deutsche Bank and Danske Bank had already come to light. Branches in Estonia were involved. That involved the laundering of billions of dollars. Danske had to cease his activities in Estonia.

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