ING Belgium Under Investigation for delayed SARs in PEP (Didier Reynders) Money Laundering Probe

IT HAS BEEN REPORTED that  ING Belgium, the Belgian arm of the Dutch banking giant ING, is facing a judicial investigation over its handling of accounts linked to former European Commissioner Didier Reynders, amid allegations of money laundering involving the high-profile politician.

According to reports from Belgian newspaper Le Soir, the Brussels prosecutor's office is

• Probing the bank for potential acts of "influence peddling" (trafic d'influence in French), focusing on why suspicious transactions were not flagged earlier.

The case

• Stems from an ongoing investigation into Reynders,
• A former Belgian Finance Minister (2007–2011) and
• EU Commissioner for Justice until 2024.
• Authorities allege that Reynders laundered significant sums, potentially up to around €1 million, through unexplained cash deposits and purchases of National Lottery products.

Investigators suspect that Reynders laundered up to €1 million over several years, allegedly by:

• Buying National Lottery e‑tickets in cash,
• Transferring the winnings into his personal bank accounts.  

Key details include:

• Between 2008 and 2018, Reynders reportedly deposited approximately €700,000 in cash into his ING Belgium account, often in small amounts.
• The bank reportedly did not question these transactions until 2018 and only notified Belgium's Financial Intelligence Processing Unit (CTIF) in 2023, several years later.
• Under Belgian anti-money laundering laws, banks are required to report suspicious transactions promptly.
• Separately, Reynders and his wife are suspected of spending around €200,000 in cash on National Lottery tickets (including e-tickets and scratch cards) over several years, with winnings allegedly deposited back into accounts to "clean" the funds.
• This scheme allegedly occurred while Reynders had oversight responsibilities for the National Lottery during his time as Finance Minister.

The probe into ING Belgium was triggered after the Belgian National Bank (BNB) conducted an inspection and submitted its findings to authorities.

• This led to the opening of a judicial investigation in May 2025 (with public confirmation in August 2025),
• Specifically examining whether ING's delayed reporting or handling of the account involved improper influence or protection of the high-profile client.

Reynders was formally charged with money laundering in late 2025, and the case has expanded to include associates.

• Reynders has consistently denied the allegations, maintaining that the funds originated from legitimate private sources and his personal estate.
• ING Belgium has not commented extensively, and the Brussels prosecutor's office has stated that the inquiry is ongoing with no further details to be released.

Brussels antique dealer raided in Reynders money‑laundering probe.

• Belgian federal police conducted searches in June 2025 at both the home and art gallery of Olivier Theunissen, a well‑known Brussels antique dealer with a gallery in the Sablon district.
• The raids form part of a broader money‑laundering investigation involving former EU Justice Commissioner and ex‑minister Didier Reynders. [belganewsagency.eu]

Why Theunissen was targeted

• Theunissen is a prominent figure in Belgium’s art world and a former commercial court judge.
• At this stage, authorities have not confirmed whether he is formally under investigation. [belganewsagency.eu]
• Reports indicate that Jean‑Claude Fontinoy, long considered Reynders’ close ally, was a regular buyer at Theunissen’s gallery. [belganewsagency.eu]

Both the National Lottery and Belgium’s Financial Intelligence Unit (CTIF‑CFI) filed reports flagging abnormal or suspicious transactions, some dating back a decade. [belganewsagency.eu]

Sources (as hyperlinks for easy copy-paste into a Word document):

• https://www.belganewsagency.eu/brussels-antique-dealer-raided-in-reynders-money-laundering-probe [Brussels antique dealer raided in Reynders money laundering probe]
• https://www.lesoir.be/694057/article/2025-08-20/ing-belgique-sous-enquete-pour-trafic-dinfluence-en-lien-avec-laffaire-reynders (Original Le Soir report on ING probe)
• https://www.reuters.com/business/finance/ing-belgium-investigated-part-probe-into-ex-eu-commissioner-reynders-2025-08-20/ (Reuters coverage confirming investigation)
• https://www.belganewsagency.eu/brussels-public-prosecutor-investigates-ing-belgium-over-role-in-didier-reynders-case (Belga News on ING role)
• https://www.euronews.com/my-europe/2025/08/20/ing-bank-probed-for-role-in-didier-reynders-money-laundering-case (Euronews summary)
• https://www.ftm.eu/articles/reynders-charged-in-money-laundering-probe (Follow the Money on charges against Reynders)
• https://www.brusselstimes.com/1710095/protecting-didier-reynders-investigation-launched-into-ings-role-in-money-laundering-case-tbtb (The Brussels Times on potential protection angle)
• https://www.vrt.be/vrtnws/en/2025/08/20/prosecutor_s-office-investigates-role-ing-belgium-played-in-reyn (VRT News on prosecutor investigation)