ING, a , announced today that its Chief Financial Officer, Koos Timmermans, will step down from his position. The resignation from comes off the back of news earlier this month that the Dutch bank has of €775 million ($900 million) in relation to money laundering.
Source: ING
The bank missed the signs of this activity because of “serious and repeated shortcomings” in its approach to anti-money-laundering rules. During the investigation period, Timmermans was a member of the Management Board Banking and end-responsible for ING Netherlands for several years. It is for this reason he will be stepping down, the statement said.
Source: ING
“We have a serious task ahead of us and the Executive Board is fully committed to completing the various initiatives we have started at ING Netherlands to further strengthen our handling of compliance risks.
“We want to thank Koos for his many years of dedication to ING. His efforts to align the bank’s balance sheet with new and upcoming regulation have strongly contributed to the robust financial foundation ING has today. On behalf of all at ING, we wish him all the best in his future endeavours.”
Koos Timmermans’ career at ING
Timmermans joined the in 1996. He has been a member of the executive team since 2007 when he was appointed as the bank’s first chief risk officer. From there he went on to become vice-chairman of the Management Board Banking in 2011 and in 2014 he assumed the responsibility for the Market Leaders division. Last year, Timmermans was again promoted to the CFO.
The Dutch bank has already begun looking for a replacement for Timmermans. He will remain in his position until regulatory approval has been granted for the new candidate and the proper succession process is completed.
ING CFO to Step Down After $900 Million Money Laundering Fine
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