The Dutch bank also said it had reached a €480 million (US$577 million) settlement over systematic failures to tackle money laundering. And Danske's former CEO, Thomas Borgen, stepped down in September 2018, also over money laundering missteps. While the prosecutors did not name the three individuals, they said they had been identified as suspects "effectively responsible" for breaking the Dutch money laundering act. Prosecutors in September 2019 alleged it failed to spot accounts involved in money laundering, end relations with suspicious clients, and report such transactions. Since ING's fine, leading Dutch banks have invested heavily in increasing their capacity to detect money laundering.

Source: The Edge Markets April 19, 2021 13:18 UTC