An ING subsidiary in Poland has for years helped its clients to move large amounts of money out of Russia, the FD, Trouw and investigative journalism platform Investico said on Monday.
The claim is based on leaked documents from the American finance ministry’s fraud investigation department Fincen, which details thousands of suspect transactions involving some of the world’s biggest banks.
Two Dutch securities traders – Tristane Capital and Schildershoven Finance – were said to be ‘key players’ in the shift of billions of euros out of Russia and banked with ING Bank Slaski, the Polish arm of ING, Investico said.
The two traders moved from Deutsche Bank to ING Bank Slaski in 2013, opening accounts which they used for Russian share trading. According to the US authorities, in 2014 and 2015 alone, ING’s Polish arm facilitated the movement of €675m in payments to companies which, the FD says, were part of the money-laundering network.
Tristane Capital and Schildershoven Finance now have new owners and told Investico they know nothing of the allegations. Former owners and shareholders have declined to comment in detail, as has ING, Investico said.
In 2018, ING reached an out of court settlement with the Dutch authorities totalling €775m because of its lax approach to money laundering.’
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