ZURICH (Reuters) – A Dutch court on Wednesday purchased a criminal examination right into the conduct of UBS Chief Executive Ralph Hamers when he was the head of Dutch financial institution ING Group (NYSE:), which stopped working to apply anti-money laundering legislations in the Netherlands.
The examination comes as a strike for UBS simply a month after Hamers came to be head of the globe’s biggest wide range supervisor, which is attempting to go on from a tradition of pricey litigation.
The Swiss financial institution claimed in a declaration that it had complete self-confidence in Hamers’ capacity to proceed handling while Dutch district attorneys performed their examination.
Hamers ran ING, the biggest financial institution in the Netherlands, from 2013 to June. It paid 775 million euros ($940 million) in 2018 in a negotiation with Dutch district attorneys for falling short to identify cash laundering as well as various other criminal tasks by its customers.
The court of allure in The Hague claimed on Wednesday that the 2018 negotiation stands however that it had actually advised district attorneys to open up a brand-new examination right into the duty Hamers played.
“The court considers it important that in public criminal proceedings the standard is confirmed that managers of a bank do not go unpunished if they have actually led prohibited conduct,” the judgment claimed.
No details costs have actually been introduced versus Hamers as well as district attorneys might not right away be grabbed remark.
The instance was brought by financiers that suggested that Hamers had actually recognized cash laundering as well as stopped working to quit it.
“UBS takes note of the decision of the Dutch court to order the public prosecutor to open an investigation of Ralph Hamers, in his capacity as the former CEO of ING, relating to ING’s anti-money laundering compliance,” Switzerland’s most significant financial institution claimed in a declaration.
Hamers was successful Sergio Ermotti as president of UBS in November.
“UBS has full confidence in Ralph Hamers’ ability to lead UBS,” the financial institution claimed.
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