/financial crime

News and resources on financial crime, including fraud, scams, Anti Money Laundering and Know Your Customer.
Prosecutors investigate UBS boss over ING money laundering case

Prosecutors investigate UBS boss over ING money laundering case

A Dutch court has ordered a criminal investigation into UBS CEO Ralph Hamers' role in a money laundering scandal at his previous employer, ING.

Hamers was ING's CEO in 2018 when the bank paid EUR775 million to settle claims that it failed to identify money laundering and other criminal activities by its clients.

The Hague Appeals Court upheld the settlement this week but noted that no individuals have faced consequences for the problems.

Therefore, it has ordered prosecutors to investigate Hamers, saying: “The court considers it important that in public criminal proceedings the standard is confirmed that managers of a bank do not go unpunished if they have actually led prohibited conduct.”

UBS says Hamers will continue as its boss, a position he only took up a month ago. He was hired, says the Swiss firm, after an extensive due diligence process, including in relation to the money laundering case.

ING has recently been in the news in relation to another money laundering scandal. Last month Payvision, a payments firm owned by the Dutch lender, was dubbed the "Netherlands Wirecard".

The European Funds Recovery Initiative is seeking EUR7 million in restitution for victims of boiler room scams which were processed by Payvision. The not-for-profit has also filed a money laundering complaint to the Dutch central bank.

Comments: (0)