ING CFO Steps down after Money Laundering Fine

Image: Christian Guiton/iStock

A year after Koos Timmermans was appointed ING’s CFO, he needs to step down from his current position and member of the ING’s executive board after money laundering fine.

According to a statement by ING on Tuesday, the CFO’s resignation follows the announcement on Sep 4 2018 of the settlement regarding shortcomings in the execution of customer due diligence policies to prevent financial economic crime at ING Netherlands, the firm noted.

The Dutch bank said last week it had failed to prevent money laundering for years and had to strike a 775 million euro ($900 million) settlement with Dutch prosecutors.

"Given the seriousness of the matter and the many reactions among stakeholders since the announcement...we came to the conclusion it is appropriate that responsibility is taken at executive board level," said supervisory board chairman Hans Wijers.

“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," he added.

Timmermans joined ING in 1996 and was a member of the executive team since 2007 when he was appointed as the company’s first chief risk officer on the executive board.

While ING has started to search for a replacement, Timmermans will remain in his position to complete the succession process, the company said.