Posted by (American Life InsuranceGuide News) Dutch financial and insurance giant ING Group (Netherlands International Group, ING (New York Stock Exchange)) In September of this year, it finally agreed to pay a fine of $9 million to the Dutch government to settle the investigation of the company’s "ineffective anti-money laundering" and other misconduct.
The international giant of the merger of the Dutch National Life Insurance Company and the Banking Group
The Netherlands International Group (Internationale Nederlanden Groep NV, referred to as ING) was a comprehensive financial and financial group formed by the merger of the Dutch National Life Insurance Company and the Dutch Post Bank Group in 1991.According to the US "Fortune" (FORTUNES) magazine statistics, in terms of net asset value, the Netherlands International Group ranks 500th among the world's 64 largest companies.In terms of providing comprehensive financial services (banking and insurance services), it ranks third in the world.
In 1991, ING Group established a branch in the United States and establishedWow(Woya Life) This American life insurance brand, subsequently,Wow(Woya Life) was listed on the New York Stock Exchange in 2013.
Big company is doing evil? ING’s sky-high ticket has a precedent
As early as June 2012, 6, the banks of the Dutch ING Group and the Office of Foreign Assets Control of the U.S. Department of the Treasury reached a settlement and paid a settlement of $12 million.At that time, the Office of Foreign Assets Control of the U.S. Department of the Treasury accused ING Bank of violating the International Emergency Economic Powers Act (IEEPA) and the Enemy State Act (TWEA), as well as violating New York State laws. ING Bank subsequently paid a high settlement and reached a settlement with OFAC, the U.S. Office of Justice in the District of Columbia, the National Security Department of the Department of Justice, the Asset Forfeiture and Money Laundering Department of the Department of Justice, and the New York County District Attorney's Office.
In the same year, it was alleged that it paid off debts and fines owed during the 2008 financial crisis. In 2012, ING sold its life insurance business in Asia.
Pay the fine and continue to sell the company's assets?
In the September 9 news, according to the company’s recent disclosure to the US Securities and Exchange Commission, ING Groep NV placed it in American International Group Corporation (NYSE: AIG)’s holdings have been reduced by 24%.
(Editor’s comment from the American Life Insurance Guide: $8.9 million and $6.19 million. In just 6 years, the ING Group had to pay about $15 billion because of the fine alone. The funds used to pay the fine came from the insured. And investors. After the financial crisis, ING packaged and sold insurance businesses in Asia and Canada in order to repay the debts of the government. In this process, the interests of policyholders were at risk. In this listed company structure, one department It seems familiar to make mistakes and drag down other businesses. This is very similar to AIG during the financial crisis-also because of the huge investment losses, the parent company is at risk of bankruptcy, which in turn drags down the insurance sector and its subsidiaries. For choosing a life insurance company, the specificity of the company’s business is also a huge consideration.)
