Zurich (awp) – The Dutch Disciplinary Commission for Banks (BfD) did not find sufficient evidence that current UBS director Ralph Hamers was aware of the practices of ING bank, which he then headed, regarding money laundering, according to articles published in “Finanz und Wirtschaft” (FuW) and “Netherlands News Live”.
The suspicions were raised not only for Mr. Hamers, but also for 14 other senior executives of the bank. The BfD, quoted by “Netherlands News Live”, writes about Mr Hamers: “In other words, it has not been proven that the suspected person has exceeded the disciplinary threshold”.
The BfD is organized as an independent foundation. It has the power to ask for sanctions as well as to pronounce prohibitions to practice. However, this is not a court, which is why this announcement will not lead the Dutch public prosecutor to stop its investigation. This is nonetheless a positive signal for Hamers, according to “FuW”.
In early December 2020, the Dutch justice reopened this case after a complaint by activist Pieter Lakeman. A Dutch court has asked the prosecution to investigate Ralph Hamers’ role in money laundering cases, from 2010 to 2016.
The Amsterdam establishment paid a penalty of 775 million euros in 2018 due to insufficient control over the accounts of certain customers.
In January, Ralph Hamers, had indicated to have “good hope” not to be tainted by the investigation into the bank ING for money laundering, having always acted “in good faith”.