Belgium fines ING €1.6M for failing to flag Reynders' suspicious transactions
Belgian authorities have fined ING €1.6 million for failing to report suspicious transactions linked to former European Commissioner Didier Reynders. The bank accepted the penalty but denied any wrongdoing. Meanwhile, the criminal case against Reynders remains open. The investigation uncovered over €1 million in questionable activity on Reynders’ accounts. This included 245 cash deposits and 779 e-Lotto transfers spanning two decades. Despite these red flags, ING did not alert authorities.
Prosecutor Julien Moinil emphasised that banks must scrutinise all clients, including high-profile officials. ING settled the case as 'corrective action' but avoided admitting liability. The fine represents the maximum penalty allowed under Belgian law.
Authorities are now reviewing potential charges against two former ING employees. Their roles in the oversight failure emerged during the Reynders probe. The €1.6 million penalty closes the regulatory case against ING, though the bank maintains it acted in good faith. Reynders still faces an ongoing criminal investigation. The outcome for the two former employees under scrutiny has yet to be decided.
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