ING to Pay Fine to End Dutch Money Laundering Probe

The video discusses a case involving ING and the Dutch Public Prosecutor, focusing on issues with ING's customer due diligence checks. The case combines four incidents into one settlement, marking the largest fine ever imposed on a bank by the Dutch authorities. The market reacted with some pressure on ING's stock. The settlement was first announced in 2017, and its size is notable in the Netherlands, though similar settlements are more common in the US. An analyst expected the outcome due to US authorities' involvement.

What was the main issue identified by the Dutch Public Prosecutor in the ING case?

• Mismanagement of funds

• A breach of data privacy laws

• Systematic flaws in customer due diligence checks

• A single incident of fraud

How did the market react to the announcement of the settlement?

• The stock price increased significantly

• The stock price remained stable

• The stock price came under pressure

• The stock price doubled

When was the investigation into ING first announced?

• 2017

• 2018

• 2016

• 2015

What makes this fine particularly notable in the Netherlands?

• It is the largest fine ever imposed by the Dutch Public Prosecutor on a bank

• It is the first fine involving US authorities

• It is the first fine ever given to a bank

• It is the smallest fine ever given to a bank

Why was the magnitude of the fine expected by some analysts?

• Because of a public announcement by ING

• Due to a previous similar case

• Because of the involvement of US authorities

• Due to a change in Dutch law