Koos Timmermans will remain in his position until a replacement is found.
ING, a Dutch multinational bank, announced today that its Chief Financial Officer, Koos Timmermans, will step down from his position. The resignation comes off the back of news earlier this month that the Dutch bank has agreed to pay fines and other payments totalling €775 million ($900 million) in relation to Money Laundering.
An investigation into ING found that between 2010 and 2016, a lingerie trader, a building-materials supplier and two fruit and vegetable importers laundered hundreds of millions of euros through their accounts with the Dutch bank.
The bank missed the signs of this activity because of “serious and repeated shortcomings” in its approach to anti-money-laundering rules. During the investigation period, Timmermans was a member of the 'Management Board Banking' and ultimately responsible for ING Netherlands for several years. It is for this reason he will be stepping down, the statement said.
Commenting on the resignation, Hans Wijers, chairman of the bank's supervisory board, said: “Given the seriousness of the matter and the many reactions among stakeholders since the announcement and in the interest of the bank, we came to the conclusion it is appropriate that responsibility is taken at Executive Board level.
We have a serious task ahead of us and the Executive Board is fully committed to completing the various initiatives we have started at ING Netherlands to further strengthen our handling of compliance risks.
We want to thank Koos for his many years of dedication to ING. His efforts to align the bank's balance sheet with new and upcoming Regulation have strongly contributed to the robust financial foundation ING has today. On behalf of all at ING, we wish him all the best in his future endeavours.”
Koos Timmermans’ career at ING
Timmermans joined the Dutch bank in 1996. He has been a member of the executive team since 2007 when he was appointed as the bank’s first chief risk officer. From there he went on to become vice-chairman of the Management Board Banking in 2011 and in 2014 he assumed the responsibility for the 'market leaders' division. Last year, Timmermans was again promoted, this time to CFO.
The bank has already begun looking for a replacement. He will remain in his position until regulatory approval has been granted for the new candidate and the proper succession process is completed.
ING, a Dutch multinational bank, announced today that its Chief Financial Officer, Koos Timmermans, will step down from his position. The resignation comes off the back of news earlier this month that the Dutch bank has agreed to pay fines and other payments totalling €775 million ($900 million) in relation to Money Laundering.
An investigation into ING found that between 2010 and 2016, a lingerie trader, a building-materials supplier and two fruit and vegetable importers laundered hundreds of millions of euros through their accounts with the Dutch bank.
The bank missed the signs of this activity because of “serious and repeated shortcomings” in its approach to anti-money-laundering rules. During the investigation period, Timmermans was a member of the 'Management Board Banking' and ultimately responsible for ING Netherlands for several years. It is for this reason he will be stepping down, the statement said.
Commenting on the resignation, Hans Wijers, chairman of the bank's supervisory board, said: “Given the seriousness of the matter and the many reactions among stakeholders since the announcement and in the interest of the bank, we came to the conclusion it is appropriate that responsibility is taken at Executive Board level.
We have a serious task ahead of us and the Executive Board is fully committed to completing the various initiatives we have started at ING Netherlands to further strengthen our handling of compliance risks.
We want to thank Koos for his many years of dedication to ING. His efforts to align the bank's balance sheet with new and upcoming Regulation have strongly contributed to the robust financial foundation ING has today. On behalf of all at ING, we wish him all the best in his future endeavours.”
Koos Timmermans’ career at ING
Timmermans joined the Dutch bank in 1996. He has been a member of the executive team since 2007 when he was appointed as the bank’s first chief risk officer. From there he went on to become vice-chairman of the Management Board Banking in 2011 and in 2014 he assumed the responsibility for the 'market leaders' division. Last year, Timmermans was again promoted, this time to CFO.
The bank has already begun looking for a replacement. He will remain in his position until regulatory approval has been granted for the new candidate and the proper succession process is completed.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!