Netherlands: Dutch prosecutors to investigate UBS chief over ING money laundering case

The investigation comes as a blow for UBS just a month after Hamers became head of the world’s largest wealth manager, which is trying to move on from a legacy of costly court cases.

The Swiss bank said in a statement that it had full confidence in Hamers’ ability to continue managing while Dutch prosecutors conducted their investigation.

Hamers ran ING, the largest bank in the Netherlands, from 2013 to June. It paid 775 million euros ($940 million) in 2018 in a settlement with Dutch prosecutors for failing to spot money laundering and other criminal activities by its clients.

The court of appeal in The Hague said on Wednesday that the 2018 settlement stands but that it had instructed prosecutors to open a new investigation into the role Hamers played.

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(Photo: REUTERS/Arnd Wiegmann)

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