One of the subsidiaries of the bank ING is suspected of money laundering in a criminal investigation. The company, an online payment service provider, is thought to have violated the Financial Supervision Act, according to the FD. It is the second time for ING to be connected to a money laundering case.
The Amsterdam office of ING’s subsidiary, Payvision, was raided in May by the tax investigation service FIOD, according to the FD. The FIOD seized documents, meeting minutes, emails and customer files.
Sources told the FD that Payvision laundered tens of millions of euros between 2005 and 2010. This was before ING took a 75 percent stake in the company in 2018, then decided to liquidate it a year later. The bank declined to comment on the money laundering accusations, other than to point out that it was not yet involved with Payvision at the time of the suspicious activity.
ING paid 350 million euros to acquire 75 percent of shares of Payvision in 2018, according to the FD. Payvision’s customers were mainly people involved in the cryptocurrency, gambling and porn industries.