The logo of ING bank is seen outside an office in central Brussels, Belgium November 7, 2012. REUTERS/Yves Herman
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When Dutch prosecutors trawled through ING's books they found a "women's underwear trader" had been able to launder 150 million euros through the bank's accounts without ringing alarm bells.In fact, ING was warned as early as a decade ago that its money laundering controls were lax, the Dutch prosecutor said, in the latest case highlighting failures in European Union money laundering controls from Latvia to Denmark.ING's penalty coincides with European regulators considering whether to tighten regional controls of financial crime and one official with knowledge of the matter said money laundering may be raised at a meeting of EU finance ministers this week.Prosecutors said that the Netherlands' central bank (DNB) had warned ING as early as 2008 that its procedures were insufficient, but lead prosecutor Margreet Frohberg told Reuters that it had failed to act in earnest until 2016 .
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