ING acknowledges decision by French financial regulator

02 March 2021 ... min read Listen

ING has acknowledged the decision published today by the financial regulator in France, the Autorité de contrôle prudentiel et de résolution (ACPR), on ING in France, following its inspection in 2018, for shortcomings in its anti-money laundering (AML) and anti-terrorist financing framework.

Based on the ACPR findings, ING in France has put in place all the necessary corrective measures to strengthen its processes and management of compliance risks. Based on the inspection, the ACPR has reprimanded ING in France and imposed a sanction of €3 million.

In the context of significantly increased attention on the prevention of financial economic crime which has been reported in the past, ING has experienced heightened scrutiny from authorities in various countries. These interactions and ING’s own internal assessments that relate to its Global Know Your Customer (KYC) Enhancement Programme, have resulted in satisfactory outcomes in some cases. In other cases, they may result in findings or conclusions that may require appropriate remedial action by ING or other consequences. ING remains committed to continuing to work in close cooperation with authorities to further improve the management of non-financial risks.

The measures taken at ING in France are in line with ING’s efforts since 2017 to further enhance the management of compliance risks and embed stronger awareness across the whole organisation. These steps are part of the Global KYC Enhancement Programme and a set of initiatives, which include enhancing KYC files and working on various structural improvements in compliance policies, tooling, monitoring, governance, and knowledge and behaviour. Keeping ING safe, secure and compliant is a top priority and ING is continuously working to strengthen its execution of AML processes in a sustainable and effective manner.

As a gatekeeper to the financial system, banks have an important role in the collective fight against financial and economic crime. By performing customer due diligence and monitoring transactions, ING aims to detect and prevent the financial system from being misused in criminal activities and money laundering for the safety and security of our customers and society.

To maximise the effectiveness of the gatekeeper’s role, it is important that banks, authorities, law enforcement and private and public parties join forces, on national and international levels. Effectiveness is improved by shared intelligence, collaboration and third-party partnerships, which is why ING strongly supports initiatives to collectively fight financial crime.

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