ING Belgium pays €1.6m settlement in Reynders-linked probe
ING Belgium has paid a €1.6 million out-of-court settlement to the Brussels public prosecutor to avoid prosecution in a money-laundering investigation linked to former minister Didier Reynders, the prosecutor’s office said on Tuesday.
The settlement, the maximum amount under Belgian criminal law for such offences, brings the case against the bank to a close. Prosecutors stressed that the payment does not constitute an admission of guilt.
The investigation was opened in 2025 after the National Bank of Belgium reported possible criminal breaches, raising concerns that ING may have failed to comply with anti-money-laundering obligations. Authorities examined why the bank did not report a series of transactions linked to Reynders to Belgium’s financial intelligence unit.
These included 245 cash deposits made between 2001 and 2017 totalling €836,500, as well as 779 lottery-related transfers between 2017 and 2024 worth more than €202,000. In total, over €1 million passed through the account without being flagged.
According to the prosecutor, the facts were considered suitable for an out-of-court settlement as they are financial in nature and do not involve harm to individuals. Under Belgian law, legal entities such as companies can in such cases face financial penalties only.
The case forms part of the wider scrutiny surrounding Reynders, a former deputy prime minister and European Commissioner, who is under separate investigation over alleged money laundering linked to cash deposits and lottery spending. That probe remains ongoing.
Two former ING employees were identified and questioned during the investigation, and a decision on their case is still pending.
The prosecutor underlined that banks must apply anti-money-laundering rules strictly and without exception, particularly when dealing with high-profile clients, and warned that failure to report suspicious transactions can allow illegal activities to continue.
© BELGA PHOTO ERIC LALMAND