Dutch multinational banking and financial services corporation ING is in the midst of a shakeup, as its chief financial officer, Koos Timmermans, announced on 11 September 2018 that he will step down from his role. According to DutchNews
, this is in the wake of a money laundering scandal, which saw ING pay an out-of-court settlement of €775m for breaking the rules on suspicious transactions. Prosecutors say ING had not identified some of the ultimate beneficial owners of accounts and didn’t notice unusual transactions that ran through them.
The news site reports that Timmermans was responsible for ING when the rules were being broken. Chairman of ING’s supervisory board, Hans Wijers, said in a statement that “given the seriousness of the matter and the many reactions among stakeholders … we came to the conclusion it is appropriate that responsibility is taken at executive board level".
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