ING’s CFO quits over money laundering scandal

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September 11 2018

Dutch bank ING said its chief financial officer had resigned after being singled out as responsible for the compliance failings that allowed companies to launder hundreds of millions of euros and pay bribes. Koos Timmermans, a 22-year veteran of ING, is the most senior executive to leave the bank over the money laundering affair, for which it has agreed to pay a record €775m in penalties to the Dutch public prosecutor.