https://www.euractiv.com/news/ing-pays-e1-6-million-over-failure-to-report-reynders-transactions/

The Belgian branch of ING bank has paid €1.6 million for failing to report suspicious cash deposits made by former EU justice commissioner Didier Reynders.

Reynders was accused of corruption and money laundering in 2019 – cases that were ultimately dropped. However, the bank was pulled up by Belgium’s National Bank (NBB), which questioned why it had not taken action over the hundreds of deposits flagged in subsequent investigations. Prosecutors identified 245 cash deposits between 2001 and 2017 (with a total value of €836,500) and 779 e-Lotto transfers between 2017 and 2024 (total value €202,491).

Banks are legally obliged to flag suspicious transactions to financial authorities and as Reynders was a high-level politician – having served as Belgium’s foreign and finance minister, as well as EU commissioner – he should have received special scrutiny. But it wasn’t until 2023 that ING reported the suspicious activity.

The ING payout to Belgium’s financial authorities was part of an out-of-court settlement, De Standaard reports, and is equal to the maximum fine in Belgium for money laundering. The criminal prosecution has now been dropped, though ING stated that the payment does not constitute an admission of guilt.

The investigation into ING’s role was separate from the judicial investigation into the origin of the suspected undeclared money in Reynders’ account. That investigation is ongoing.