Prosecutors in the Netherlands are reportedly investigating claims of Dutch involvement in a money laundering network which funnelled Euros from Russia.
A report from the Organised Crime and Corruption Reporting Project (OCCRP), a group of European news organisations, claims more than $470bn was sent in 1.3 million transfers from 233,000 companies, according to a report from Reuters.
The Dutch prosecutors are studying the information and will coordinate with counterparts in other European countries, the article said.
ING, ABN Amro and Rabobank are allegedly involved and handled hundreds of millions of euros in false transactions, and since the announcement, ING and ABN shares have fallen, it is reported.
Late last year, ING was fined €774m in fines following a failure to properly prevent money laundering and terrorism financing. The bank allegedly did not properly vet the beneficial owners of client accounts or notice unusual transactions through them.
The bank admitted to ‘serious shortcomings’ in the execution of customer due diligence policies between 2010 and 2016.
There have been a number of banks across Europe to be involved in money laundering scandals over recent months. One of the most prominent being Danske Bank. As a result of these banking failures, late last year, the Danish Financial Supervisory Authority indicated it would look to increase fines related to these crimes, eightfold.
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