Dutch banking group ING has been told not to acquire any new clients in Italy by the Italian central bank because of flaws in money laundering checks.
The Bank of Italy gave the order after a four-month on-site inspection, it said in a statement at the weekend.
ING itself says it will work hard in the coming weeks to tackle the shortcomings and solve the problems which Italian central bank inspectors identified.
‘The measures in Italy come in the context of the steps ING announced in September 2018 to enhance its management of compliance risks and embed stronger awareness across the whole organisation,’ the bank said.
Last year ING agreed a €775m out of court settlement with the Dutch authorities because of its lax approach to money laundering checks.
The Italian arm of ING has more than 900 members of staff and made a loss of €101m in 2018, the Financieele Dagblad said.
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