ING Group Bank CFO Resigns Over Money Laundering Allegations
ING Group, a multinational banking corporation, recently announced that its chief financial officer, Koos Timmermans will be stepping down from his position and will leave the company. The bank remarked that the resignation follows a settlement concerning shortcomings in preventing financial economic crime at the company’s Netherland’s location. During the investigation period, Timmermans was a member of the location’s management board and was specifically responsible for the branch.
Koos Timmermans to step down as CFO and member of the Executive Board of ING Group. https://t.co/5sUwLQP2Fo
— ING (@ING_news) September 11, 2018
Hans Wijers, Chairman of the Supervisor’s Board, stated,
“We deeply regret shortcomings found and take this matter very seriously. Given the seriousness of the matter and the many reactions among stakeholders since the announcement and in the interest of the bank, we came to the conclusion it is appropriate that responsibility is taken at the Executive Board level. We have a serious task ahead of us and the Executive Board is fully committed to completing the various initiatives we have started at ING Netherlands to further strengthen our handling of compliance risks.”
The Dutch Public Prosecution Service fined the company 675 million EUR and 100 million EUR for disgorgement, which the company agreed to pay following investigations concerning money laundering and corrupt practices. The entity did state, however, that at the time, the identified shortcomings “are not attributed to some individual persons but rather collective shortcomings at all responsible management levels.”
The issue has led to public anger and allegedly, CFO Timmermans has lost his position as a result. ING Group’s investigation has, according to Dutch Finance Minister Wopke Hoesktra, “shaken public faith in the banking sector yet again.” However, VEB Group’s president Paul Koester voiced that Timmermans was just a “sacrificial victim.”