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ING Enters into Enforceable Undertaking with AUSTRAC

Published on 24/11/2022

24 November 2022: Today ING Australia has entered into an Enforceable Undertaking (EU) with AUSTRAC.

The EU follows an investigation by AUSTRAC which commenced in July 2021.

ING Australia’s CEO Melanie Evans says:

“The AUSTRAC investigation was initiated after we self-identified compliance shortcomings with our anti-money laundering obligations. These shortcomings were reported to AUSTRAC in August 2020 and we have since prioritised implementing a well-resourced uplift program to address them.

Protecting customers, the wider community and the financial system is something we are committed to at ING. Our ongoing commitment is to ensure we meet our obligations to help combat the risks of serious and organised crime.

AUSTRAC acknowledges we have made significant steps to improve our anti-money laundering compliance measures and made substantial investment in programs of work, all so we can better detect, deter and disrupt the flow of illegal money through the financial system.

The EU Remedial Action Plan reflects this ongoing commitment and builds on the progress we’ve already made. We will continue to work closely with AUSTRAC to complete this incredibly important program of work.”


Notes to editors

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About ING

ING changed the way Australians bank 22 years ago by launching the country’s first branchless bank. ING now offers Australians home loans, transactional banking, superannuation, credit cards, personal lending, insurance and wholesale banking services.

ING is Australia’s most recommended bank according to RFi XPRT Survey, February 2022 – July 2022 (n = 32,042) when compared to customers of 20 other banks operating in Australia. It is also Australia’s fifth largest main financial institution (MFI) with 6% of the market share according to RFi XPRT Survey, February 2022 – July 2022 (n = 32,042). MFI is defined as the bank that the consumer says is their main financial institution.

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