Tag: ING

The European Fund Recovery Initiative (EFRI) has filed a disciplinary complaint with the Haagse Orde van Advocaten against top-tier Dutch firm BarentsKrans and partner William Schonewille. The Bar has acknowledged receipt and assigned the matter to its supervisory board (file number undisclosed). EFRI alleges conflict-of-interest concealment, abrupt withdrawal on the eve of a deadline, and retention of unearned fees in a mass-fraud appeal against ING subsidiary Payvision. More than 600 retail victims are left without counsel.

The EU’s Markets in Crypto-Assets Regulation (MiCA) was sold to legislators as the end of Europe’s regulatory patch-work. In theory, every crypto-asset service provider (CASP) will live under the same anti-money-laundering (AML), governance and disclosure standards from 30 December 2024. In practice, the first six months of “early bird” licensing suggest that member states are already competing to become the Cayman Islands of MiCA.

In a case that raises fundamental questions about legal ethics and professional accountability, the Dutch law firm BarentsKrans has come under fire for abandoning the European Fund Recovery Initiative (EFRI) and over 600 financial fraud victims just days before a critical court deadline. EFRI accuses the law firm of concealment, conflict of interest, and unethical conduct—all while pocketing tens of thousands of euros meant for justice. This is not just a legal misstep. It’s a betrayal.

Tether, the world’s leading stablecoin issuer, has shocked the crypto and financial world by investing in StablR, an EU stablecoin issuer run by former Payvision COO Gijs op de Weegh. This move raises serious questions about Tether’s due diligence processes and ethical commitments, as StablR’s leadership is tied to one of Europe’s most notorious financial scandals involving cybercrime facilitation. Crypto investors and stablecoin users should proceed with caution.

Former ING CEO Ralph Hamers continues to face legal scrutiny for his role in ING's involvement in large-scale money laundering activities. Although the bank settled with Dutch authorities in 2018, paying a €775 million fine, Hamers has yet to be personally charged. Despite a Dutch court's order, prosecutors have yet to formally indict him, raising questions about the pace and priority of anti-money laundering (AML) enforcement in the Netherlands compared to other EU jurisdictions.

JPMorgan Chase, a financial powerhouse in the U.S., and ING Group, a dominant banking institution in the Netherlands, have both ventured into the acquisition of FinTech companies to expand their digital capabilities. However, these acquisitions' strategies and subsequent management have diverged significantly, reflecting differences in corporate governance, regulatory environments, and responses to crises. Here is our comparative analysis.

In the rapidly evolving landscape of cryptocurrency regulation, the European Union's Markets in Crypto-Assets Regulation (MiCAR) emphasizes the need for maximum transparency, particularly for stablecoin issuers. The former Payvision founder and COO, Gijs op de Weegh, founder and CEO of the new stablecoin issuer StablR, recently presented a piece of partially accurate biographical information that can mislead potential investors.

The Netherlands is increasingly becoming a worldwide legal disgrace, particularly in the realm of financial crime. The Dutch judicial system appears to be fundamentally flawed and biased, as evidenced by the comparative analysis of the Tornado Cash and Payvision cases. Dutch prosecutors investigated both cases. One was settled out of court and one was tried. This disparity underscores a failure or even an abuse of the Dutch judicial system.

The Dutch judiciary's handling of the Payvision scandal exposes a shocking double standard, tarnishing Amsterdam's reputation as a financial center. Despite extensive evidence of Payvision CEO Rudolf Booker's direct involvement in money laundering for cybercriminals, Dutch authorities closed criminal investigations against him, citing lack of intent. In stark contrast, Tornado Cash developer Alexey Pertsev received a harsh five-year sentence for creating open-source software allegedly used for similar activities. This glaring inconsistency highlights a judiciary willing to let powerful executives escape justice while punishing lesser figures, underscoring a monumental scandal that demands rectification.

In a dramatic unraveling that has captured the attention of the global financial cybercrime crime scene, Gery "Gabi" Shalon, a Georgia-born Israeli citizen, stands as a significant figure. Charged in a 23 count Indictment by U.S. prosecutors on November 9, 2015, Shalon's alleged crimes span computer hacking, securities fraud, aggravated identity theft, illegal online gambling, illegal money transmitting business, and money laundering.

In recent years, ING Group has found itself ensnared in a web of legal and regulatory challenges that cast a shadow over its compliance practices and transparency with investors. Notably, the Dutch banking titan faces a lawsuit from institutional investors, demanding over €500 million in damages. The crux of this legal battle centers around alleged transparency deficiencies, particularly regarding the disclosure of money laundering investigations that came to light in spring 2017.

A group of over 130 institutional investors took legal steps against ING and certain former executives, issuing a writ of summons for damages exceeding €600 million. This action stems from accusations against ING for failing to disclose crucial information regarding alleged corrupt activities and breaches of anti-money laundering laws at ING Bank. This lawsuit follows a substantial €775 million fine paid by ING in 2018 for similar violations.