ING to pay €1.6 Million after Money Laundering Probe Linked to Ex-EU Commissioner Didier Reynders

It has been reported that the Brussels prosecutor’s office announced that the:-

• Dutch banking group ING has agreed to pay a €1.6 million ($1.9 million) settlement to resolve a money-laundering investigation tied to suspicious transactions involving former European Commissioner and Belgian politician Didier Reynders.
• The prosecutor stated that the investigation confirmed findings by Belgium’s National Bank pointing to possible complicity by ING Belgium in money laundering.
• However, the charges against the bank have been dropped following the out-of-court settlement.
• The €1.6 million payment represents the maximum fine possible under Belgian financial law for this type of case.
• Importantly, the settlement does not constitute an admission of guilt by ING.

Details of the Transactions

• The probe focused on ING Belgium’s handling of accounts linked to Reynders. Reports indicate the suspicious activity included:
• 245 cash deposits between 2001 and 2017 totalling approximately €836,500, and
• 779 e-Lotto transfers between 2017 and 2024 are worth more than €202,000.
• Reynders has faced separate allegations of money laundering, including claims that he used cash to buy lottery tickets and deposited the winnings into his accounts (totalling nearly €1 million).
• He has denied all charges. His lawyer declined to comment when contacted by Reuters.

Broader Context

• This case is part of a wider investigation into Reynders that began after Belgium’s National Bank flagged potential compliance failures at ING Belgium.
• The settlement closes the criminal case against the bank while the probe into Reynders himself continues.
• Banks globally continue to face heightened regulatory pressure to strengthen anti-money laundering (AML) controls, particularly when dealing with politically exposed persons (PEPs).

ING’s Response

• In an emailed statement, ING confirmed the settlement and emphasised its full cooperation with authorities.
• “We take our role as gatekeeper of the financial system very seriously …
• Today’s ING is not the ING of the past.
• Over the years, our approach, governance and control environment have been fundamentally strengthened.”  

Sources (all accessed May 6, 2026):

• Reuters: “ING settles Belgium money laundering probe for 1.6 million euros” –  
• https://www.reuters.com/sustainability/boards-policy-regulation/ing-settles-belgium-money-laundering-probe-16-million-euros-2026-05-05/
• The Brussels Times: ING Belgium pays €1.6 million settlement in Didier Reynders money laundering case
• https://www.brusselstimes.com/2113777/ing-belgium-pays-e1-6-million-settlement-in-didier-reynders-money-laundering-case-tbtb
• NL Times: ING settles Belgian money laundering case for €1.6 Million involving ex-EU Commissioner
• https://nltimes.nl/2026/05/05/ing-settles-belgian-money-laundering-case-eu16-million-involving-ex-eu-commissioner
• Euractiv: ING pays €1.6 million over failure to report Reynders transactions
• https://www.euractiv.com/news/ing-pays-e1-6-million-over-failure-to-report-reynders-transactions/
• Belga News Agency: ING Belgium pays €1.6m settlement in Reynders-linked probe
• https://www.belganewsagency.eu/ing-belgium-pays-16m-settlement-in-reynders-linked-probe