NL Times: ING settles a Belgian ML case for €1.6M over alleged failures to flag and report suspicious transactions linked to former EU Commissioner, exposing AML control weaknesses

Authorities criticised weaknesses in the bank’s AML controls, particularly around transaction monitoring and escalation of red flags over an extended period, although the settlement closes the case without an admission of wrongdoing, it underscores ongoing regulatory pressure on banks to strengthen detection systems and ensure timely reporting of suspicious activity…