(Bloomberg) -- The Bank of Italy requested ING Group to refrain from engaging in transactions with new customers after an inspection revealed the lender wasn’t compliant with anti-money laundering legislation.
The central bank took the measure following a four-month on-site inspection that ended in January, it said in a statement on its website. Transactions with existing customers are not affected by the move.
ING said in a separate statement it is taking the necessary steps to improve processes and management of compliance risks as required by the Bank of Italy, in line with an enhancement program announced last year regarding shortcomings in AML processes.
ING Groep NV is struggling to move on from its money laundering woes, six months after paying one of the biggest fines ever levied on a Dutch bank. The bank agreed to pay 775 million euros ($878 million) to settle an investigation by a Dutch prosecutor into issues including money laundering and corrupt practices in a criminal case last year. The lender acknowledged “serious shortcomings” in executing due diligence policies to prevent financial crime at its Dutch unit from 2010 to 2016.
--With assistance from Lorenzo Totaro.
To contact the reporters on this story: Sonia Sirletti in Milan at firstname.lastname@example.org;Robert Lavelle in New York at email@example.com
To contact the editors responsible for this story: Chakradhar Adusumilli at firstname.lastname@example.org, ;Chad Thomas at email@example.com, Alessandra Migliaccio
©2019 Bloomberg L.P.