The European Banking Authority (EBA) today notified the European Commission and Members of the European Parliament on the outcome of its enquiries in relation to the application of EU law on anti-money laundering (AML) in Malta by the Malta Financial Services Authority (MFSA).

Full article at eba.europa.eu 

This week Dutch authorities revealed to the public that the Netherlands’ largest financial services provider, ING, had violated numerous money laundering laws because they didn’t scrutinize unusual transactions and certain accounts.

Over the last few weeks, many large financial institutions have been investigated and charged with helping facilitate money laundering. Financial crime prosecutors from the Netherlands have charged the Dutch bank ING with violations, and a $900 million dollar fine because the financial institution unwittingly helped facilitate money laundering. The Dutch police explain its “impossible” to really estimate how much money was actually laundered through sketchy accounts and unusually large transactions. However, Margreet Frohberg the lead prosecutor of the case explained in an interview that “hundreds of millions of euros” were illegally transferred.

Full article at: news.bitcoin.com

A US-based firm, its CEO and CFO are being sued for damages by a shareholder over claims they issued misleading statements about the company's GDPR-readiness.

US data firm's reassurances it was GDPR-ready were contradicted by disappointing financial results.

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The chief financial officer of Dutch bank ING has resigned following a money laundering scandal that led to a huge fine for the bank.

ING said Tuesday that Koos Timmermans, who is also a member of the bank's executive board, was stepping down as ING moves to "further strengthen our handling of compliance risks".

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