(Bloomberg) -- Prosecutors will decide by the end of the year whether to charge former ING Groep NV Chief Executive Officer Ralph Hamers after the Dutch bank agreed to settle for failing to follow rules against money laundering.
The timeline would advance a probe begun in late 2020 when a Dutch court asked prosecutors to investigate Hamers’ role in the compliance case, which had led ING to agree to a €775 million ($849 million) settlement in 2018 to avoid prosecution.
Possible options include charging Hamers, arguing for acquittal or asking the court for permission to refrain from prosecuting Hamers this year, a Public Prosecution Service spokesperson said by phone Friday.
ING declined to comment on the investigation.
Hamers was appointed as UBS Group’s CEO in September 2020. He was replaced by Sergio Ermotti in April 2023.
©2024 Bloomberg L.P.
