Economy

In spite of money laundering affair, ING is again home bank to government

After the settlement reached by the Public Prosecution Service with the bank because of the money laundering affair, the contract that ING had as house banker with the State was not automatically renewed.

Minister of Finance Wopke Hoekstra threw open the tender and included stricter rules, because the bank could not be excluded just like that.

ING had to score well in the field of sustainability and corporate social responsibility to be eligible. In the end, the bank simply had the best price-quality ratio, outgoing minister Hoekstra reported to the House of Representatives yesterday. As a result, ING won from Rabobank.

Collect traffic fines

As a result, the bank continues to arrange, for example, the collection of traffic fines and the payment of student loans. A ‘waiting room agreement’ is concluded with the runner-up. If the contract with ING is terminated within two years, central government can conclude an agreement with Rabobank without a new tendering procedure.

Incidentally, Hoekstra already announced in 2019 that the payment transactions of the Tax and Customs Administration will also be provided by ING until at least 2024. With more than 250 million incoming and outgoing payments per year, the contract with the tax authorities is much larger than this contract, which involves approximately 30 to 35 million transactions.

In a response to the NewsABC.net news agency, the bank says it is ‘pleased and proud’ of the new four-year agreement. The contract starts early next month and can be extended for another four years.

Prosecution Hamers

The fact that former ING CEO Ralph Hamers is nevertheless being prosecuted for his role in the money laundering affair had no influence on the tender. The rules stipulate that only a possible conviction of current drivers could throw a spanner in the works.

In 2018, ING reached a settlement with the Public Prosecutor of 775 million euros, for “serious negligence”. The bank did not prevent accounts from being used for money laundering for years.

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