ING Belgium SA/NV

The National Bank of Belgium (NBB) imposed supervisory measures and administrative fines against ING Belgium for systemic deficiencies in its anti-money laundering compliance programme identified in the aftermath of parent company ING Group's €775 million Dutch AML settlement in September 2018. Investigators found ING Belgium had inadequate customer due diligence procedures, insufficient transaction monitoring coverage, and delayed suspicious transaction reporting to the Belgian Financial Intelligence Unit (CTIF-CFI). The NBB required a comprehensive AML remediation programme overseen by an independent compliance monitor.