ING’s Polish subsidiary has helped its customers to move large amounts of suspect money out of Russia for years and possible money laundering. According to the FD, Trouw and research platform Investico, this appears from leaked documents from the US Treasury. Platform investico states ING Bank worked for russian money laundering network. Attorney explains ING possible money laundering.
Two Dutch securities traders would have been the ‘key players’ in diverting converted billions of euros. These companies, Tristane Capital and Schildershoven Finance, banked with ING Bank Slaski, ING’s Polish arm. As a Dutch attorney I frequently handle cases concerning money laundering and the (lack of) transaction transaction monitoring.
Money laundering and transaction monitoring
The US money laundering authority FinCen warned in a secret report in 2017 for a network in Moscow which was set up to launder tens of billions of rubles. This was done through ‘mirror transactions’, in which securities are simultaneously bought in one currency and sold in another.
According to the Americans, the network was in the hands of four Russians with offshore companies, including in Panama and the British Virgin Islands. They would use the Dutch companies Tristane and Schildershoven in their practices. In the report they are called “key players”, writes the FD.
In their work for the Russians, Tristane and Schildershoven initially banked at Deutsche Bank. In 2013 they switched ING Slaski. There they opened accounts and used them for Russian securities transactions. According to the Americans, the Polish branch of ING facilitated at least $ 675 million in payments to companies belonging to the money laundering network only already in 2014 and 2015.
No comment on money laundering
Neither ING, nor ING Bank Slaski wanted to respond to Trouw and the FD. The banks have declined to discuss individual cases. Directors and shareholders of Schildershoven and Tristane also refused to comment on their role in the mirror trade involving Russian billions.
ING was previously discredited for negligence in preventing money laundering. Two years ago, ING reached an out of court settlement with the Dutch authorities of €775m because of its lax approach to money laundering and transaction monitoring.
Attorney specialized in money laundering cases
As a financial law attorney I can help you with questions about money laundering. Feel free to contact financial law attorney Jasper Hagers without obligation.