ING Spain fined €3.91 million for “very serious” AML violation

The Spanish branch of Dutch banking giant ING has been hit with a €3.91 million fine for what authorities have classified as a “very serious” breach of anti-money laundering (AML) regulations. „Spain’s anti-money laundering authority, SEPBLAC, also issued a public reprimand, stating that ING failed to report suspicious transactions as mandated by Spanish law” – Flexi News reports.

The penalty is based on ING’s violation of Article 18 of Law 10/2010, which requires banks, auditors, notaries, and other regulated entities to report suspected money laundering or terrorism financing. The law mandates that financial institutions immediately notify authorities if a manager or employee detects potential criminal activity. ING Spain’s failure to comply with this obligation led to the sanction.

This is not the first time ING has faced penalties for AML compliance failures. In 2018, the bank paid nearly $800 million in the Netherlands after Dutch prosecutors determined that ING clients had used its accounts to launder hundreds of millions of dollars. At the time, ING admitted to significant shortcomings that had allowed customers “to use their bank accounts for money laundering practices for years.”