AAP Finance

ING financial officer quits amid scandal

By AAP Newswire

The chief financial officer of Dutch bank ING has resigned following a money laundering scandal that led to a huge fine for the bank.

ING said Koos Timmermans, who is also a member of the bank's executive board, is stepping down as ING moves to "further strengthen our handling of compliance risks."

The Dutch financial prosecution service said last week that ING for years failed to adequately implement a law aimed at preventing money laundering and the financing of terrorism by not carrying out adequate checks on clients and not sufficiently investigating suspicious transactions.

ING paid 775 million euros ($A1.3 billion) to settle the case.

ING Supervisory Board chairman Hans Wijers says "we came to the conclusion it is appropriate that responsibility is taken at executive board level."