Why the Reynders affair will still poison ING Belgium for a long time

Alarm systems – Why reynders affair will still

What is the risk of the bank. Nevertheless, if it should be confirmed that it has closed your eyes to illegal transactions? In addition, On the side of the National Bank of Belgium (BNB). Meanwhile, supervisor from the banking sector, we did not want to comment on this file on Wednesday. However, “Professional secrecy does not allow us to talk about it”, We were explained to us.

First of all. In addition, it should be noted that it does not, at first glance, not in the attributions of the BNB to track down individual offenses to the anti-flowage law. Consequently, A legal framework that has been strongly strengthened in recent years. Moreover, as well as on the front of the fight against the financing of terrorism.

What the Reynders affair could change in the fight why reynders affair will still against money laundering

In general. Moreover, as a supervisor in the sector, the BNB performs audits, inspections or other procedures in the banks to ensure that the banks operating in Belgium respect the framework of anti-whiteness legislation. For example in terms of resources available within banks to detect money laundering. Moreover, to ensure the balanced nature of customer risk profiles or to ensure existence, in terms of computer infrastructure, “alarm systems” to identify suspicious transactions. Therefore, In short, the BNB must ensure that banks make the “job” to effectively fight against money laundering.

Up to 10 % of turnover

If during the audits. the BNB, which significantly strengthened its anti-flowage arsenal, detects individual offenses, two options are available to it. A: it transmits the file to the “sanctions commission”. an independent body of the BNB set up by the legislator who will instruct the file why reynders affair will still and may decide in the event of a sanction – with financial fines for the bank – to make the thing public through a publication on its website. Two: the BNB can decide. given the nature of the alleged offense and/or the supposed gravity of the facts, to transmit by mail the file to the prosecution. This is the case here with this Reynders affair.

The future will say at the end of the legal proceedings what will be the. consequences of this case for ING Belgium. They could theoretically be on several levels if ING Belgium was at the end of the race condemned. First at the financial level with fines of up to 10 % of the annual turnover of the bank. Contacted, ING Belgium did not want to express themselves on this particular affair. “In general, we take our role as a guardian of the financial system very seriously. We respect all the rules and obligations linked to it. When the situation requires it. we collaborate in all transparency with the competent authorities”was content to underline the bank in a press release. Asked about the subject last July. when the results were published at the end of June, the why reynders affair will still management of ING Belgium had already shown itself particularly laconic.

A threat to the CEO?

This Reynders affair could also be potentially harmful to the leaders of ING Belgium. its CEO Peter Adams and its predecessor Erik Van Den Heyden, or even for administrators or members of the management committee. Because the BNB has. in its arsenal and in the event of a conviction, the possibility of withdrawing the “Fit & Proper” approval (Editor’s note: which ensures skills and professional integrity) to the leaders of the bank. A pure. simple withdrawal of the license granted by the BNB to the bank – a sort of banking atomic bomb – seems very unlikely, in view of the consequences that this scenario would cause.

The Reynders affair. the most intriguing politico-judicial file in recent decades

It should be noted that I have already been worried in the past why reynders affair will still for money laundering, especially through the Swiss subsidiary of ING Belgium. The Dutch banking giant had also been sentenced in 2021 to a fine of 3 million euros in France. And in 2018. ING had paid a record fine of 775 million euros, the highest ever set by the courts of the Netherlands, for surveillance deemed insufficient on numerous accounts used for laundering purposes.

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