ING Told to Stop Taking on Italian Clients Over Antimoney-Laundering Issues

By Adam Clark

Italy's central bank has told ING Groep N.V. (INGA.AE) to stop taking on new customers in the country following a report into shortcomings in the Dutch bank's antimoney-laundering systems.

The Bank of Italy conducted an inspection at ING's Italian operations between October and January, ING said late Saturday, adding it won't take on new clients while it improves its management of compliance risks.

Last year, ING agreed to pay a 775 million-euro ($877.5 million) fine in the Netherlands to settle an investigation into failures of due-diligence policies between 2010 and 2016, leading to the exit of the then chief financial officer, Koos Timmermans.

Chief Executive Ralph Hamers has said the bank is taking steps to improve its controls while leading its digital expansion. In 2018, ING generated EUR231 million in revenue in Italy, where it has just over 900 employees.

Write to Adam Clark at [e-mail]

(END) Dow Jones Newswires

March 18, 2019 02:46 ET (06:46 GMT)

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