Monday 25 October 2021

ING to cut bonuses after €775m settlement in money laundering case

Banking group ING has less money to spend on 2018 performance-related bonuses because of the €775m fine the bank has paid in an out-of-court settlement for money laundering failures.

A spokesman for the bank told the Financieele Dagblad the amount set aside for bonuses will be ‘considerably smaller’ than the €403m divided up between staff in 2017.

The biggest Dutch bank briefed staff about the reduction in a webcast on Wednesday, the FD said. A source within the bank told the paper that most people will ‘get hardly anything’.

The public prosecution department reached a €775m out of court settlement with ING for failing to properly monitor money transfers for potential money laundering last September.

The department says between 2010 and 2016, the bank’s clients were effectively able to launder hundreds of millions of euros because ING was not doing its job properly. Banks are required by law to report suspicious transactions.

The bonus cut will not affect staff whose bonus is set down in pay and conditions deals, the FD said. These people mainly work abroad.

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