Money laundering scandal leaves stain on ING results

7 February, 2019 12:00 AM printer

THE HAGUE: Dutch bank ING posted Wednesday a slight fall in profits for 2018 following a multi-million-euro settlement with Netherlands authorities in a money laundering investigation.

Earnings fell by 4.1 percent to 4.7 billion euros ($5.4 billion) last year despite growth in its client base, the Amsterdam-based lender said in a statement, reports AFP.

In September ING paid a huge 775 million euros to settle a criminal investigation into money laundering which found that ING had failed to take adequate measures to prevent money laundering.