In 2018, leading Dutch multinational bank, ING, entered into a ¤775 million settlement with Dutch prosecutors after customers were found to have laundered hundreds of millions in criminally-obtained funds through ING accounts.1At the time, no settlement was reached with the then-CEO of ING, Ralph Hamers. A month after taking over as CEO of Swiss giant UBS, in January 2020 it was announced that Hamers would face personal prosecution for the alleged risk management lapses that occurred while he was chief executive at ING.2
“The facts are serious, no settlement was reached with the director himself, nor has he taken public responsibility for his actions,” the Dutch court ruled. “The court considers it important that in a public criminal trial the standard is confirmed that directors of a bank do not go unpunished if they have actually led serious prohibited behavior.”3
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion