ING slapped with anti-money laundering enforceable enterprise

Dutch financial institution ING has vowed to repair its anti-money laundering and counter-terrorism financing techniques, after an investigation by monetary crimes regulator Austrac discovered flaws within the lender’s compliance.

ING has been hit with an enforceable enterprise by Austrac. Credit score:AP

Austrac on Thursday stated it accepted a court-enforceable enterprise from ING’s Australian enterprise, and the lender would guarantee ING beefed up its reporting of suspicious transactions, its danger assessments, and its program for complying anti-money laundering and counter-terrorism financing (AML/CTF) legal guidelines.

The regulator, which has beforehand imposed file fines on Commonwealth Financial institution and Westpac, stated ING had recognized the compliance points and voluntarily reported them to Austrac in 2020.

Austrac stated it had launched an investigation, which recognized issues in relation to Austrac’s AML/CTF program, its monitoring techniques and controls, and its reporting to Austrac.

Austrac chief government Nicole Rose stated companies wanted to have sturdy techniques for AML/CTF compliance, and pointed to ING’s co-operation with the regulator and adjustments it had already made to its techniques.

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“ING have been absolutely cooperating with AUSTRAC all through our regulatory inquiries and have demonstrated an ongoing dedication to addressing issues in regards to the effectiveness of their AML/CTF techniques and controls,” Rose stated in an announcement.

“I want to acknowledge the numerous work already undertaken by ING in figuring out and implementing enhancements to their packages. We look ahead to persevering with to work with them to make sure they meet their obligations below the AML/CTF Act.”

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