ZURICH: A Dutch court on Wednesday ordered a criminal investigation into the conduct of UBS Chief Executive Ralph Hamers when he was the head of Dutch bank ING Group, which failed to implement anti-money laundering laws in the Netherlands.
Hamers ran ING, the largest bank in the Netherlands, from 2013 to June. It paid 775 million euros in 2018 in a settlement with Dutch prosecutors for failing to spot money laundering and other criminal activities by its clients. "The court considers it important that in public criminal proceedings the standard is confirmed that managers of a bank do not go unpunished if they have actually led prohibited conduct," the ruling said.No specific charges have been launched against Hamers and prosecutors could not immediately be reached for comment.
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