Bank executives rarely get punished for their misdeeds, leading to many people distrusting the entire banking system as plagued with widespread corruption. But once in a while someone has to bite the bullet. Recently, public anger has forced a CFO of a major bank to quit after a huge money laundering affair came to light.
Also Read: Denmark’s Largest Bank May Have Facilitated up to $150 Billion in Money Laundering
CFO Leaves ING
“We deeply regret the shortcomings found and take this matter very seriously,” said Hans Wijers, chairman of the Supervisory Board of ING. “Given the seriousness of the matter and the many reactions among stakeholders since the announcement and in the interest of the bank, we came to the conclusion it is appropriate that responsibility is taken at Executive Board level. We have a serious task ahead of us and the Executive Board is fully committed to completing the various initiatives we have started at ING Netherlands to further strengthen our handling of compliance risks.”
€775 Million Fine
This position was only reversed after public anger swelled in the Netherlands, resulting in CFO Timmermans losing his position. Prime Minister Mark Rutte was the most senior figure to voice his displeasure and the Dutch Finance Minister, Wopke Hoekstra, summoned Wijers to The Hague, reportedly stating the affair had “shaken public faith in the banking sector yet again”. Additionally, shareholder interest group VEB asked for an examination of CEO Ralph Hamers’ part in the matter and its president, Paul Koster, suggested that Timmermans was just a “sacrificial victim”. Adding that, “For outsiders…this has the appearance of being about protecting Hamers.”
Should the public be more angry about banks facilitating money laundering? Share your thoughts in the comments section below.
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