The Bank of Italy, in its measure dated 12 March 2019, pursuant to Article 7(2) of Legislative Decree 231/07 and Article 79(4) of the Consolidated Law on Banking, has requested the Italian branch of ING Bank to refrain from engaging in transactions with new customers. Transactions with existing customers are not affected by the measure.
The Bank of Italy has adopted this measure following an on-site inspection conducted between 1 October 2018 and 18 January 2019, which revealed shortcomings in compliance with the anti-money laundering legislation.
ING Bank has communicated to be already fully engaged in enhancing its overall AML control environment. The commitment to rapidly enforce a remediation plan for the Italian branch to address and solve the shortcomings will allow the Bank of Italy to verify that AML problems have been solved in order to be able to lift the ban.
