Italy's Central Bank Lifts Ban On ING After AML Concerns
Law360, London (September 10, 2020, 11:38 AM BST) -- The Italian banking arm of ING Group has opened its doors to new customers again after being banned in 2019 when Italy's central bank uncovered holes in the lender's anti-money laundering defenses.
ING Italy said Wednesday that the Banca d'Italia, the country's central bank, has formally removed its prohibition preventing the lender from taking on new clients. The central bank enforced the ban after it found that ING did not have adequate protection against money laundering.
The Dutch bank said the ban was lifted after "comprehensive steps undertaken by ING Italy to strengthen its processes. Existing customers in Italy have continued to...
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