Money laundering is defined as efforts by legal entities and private individuals to conceal business or other income, capital and other monetary holdings from the authorities for reasons of an illicit nature or tax evasion.
ING Group condemns such practices and does its outmost not to facilitate such practices. ING Group entities report all suspicious transactions to the authorities under the applicable laws and regulations.
ING Wholesale Banking (legal name ING BANK (EURASIA) JSC, hereandafter "the Bank") as a member of ING Group closely adheres to these principles. Due to its international correspondent network, the Bank is not only regulated by the Central Bank of the Russian Federation, but also indirectly by the regulatory bodies in the countries of its correspondents.
Under the country specific legislation, financial transactions in favour of beneficiaries targeted, could be frozen and the return of funds is a laborious and time consuming task.
The Bank advises its clients to check the target information directly prior to forwarding payment instructions to the Bank.
Through this page the Bank aims to inform its clients of the various regulations in the countries of its correspondent’s network.