ING has acknowledged the decision published by the French financial regulator, Autorité de contrôle prudentiel et de résolution (ACPR), on ING in France. After a 2018 inspection, the ACPR has reprimanded and imposed a sanction of €3 million ($3.59m) on ING in France. ACPR published this decision after identifying deficiencies in ING’s AML/CFT framework.
ING in France has now implemented the necessary measures to strengthen its AML/CFT framework and compliance risk management. ING has acknowledged that the increased scrutiny by international authorities as well as its internal assessments have led to stronger AML/CFT frameworks in most cases.
The efforts by ING in France concur with ING’s previous efforts to enhance compliance risk management in the entire organisation. These efforts come under the Global KYC Enhancement Programme and also include enhancing KYC files and improving compliance. ING aims to detect and prevent the financial crimes through customer due diligence and transaction monitoring. ING also seeks to collaborate with third-parties and share intelligence to combat financial crimes as a team.
Source: ING