Creating a sustainable policy and procedure management framework
“Dutch bank ING fined $1.18-billion for failing to spot money laundering” was the headline of the day earlier last week when ING agreed to a settlement where their financial controls were so poor that customers were able to easily launder money. “Even though our policies and procedures in the Netherlands resulted in us terminating the relationships with thousands of clients, it was not enough”, says ING in a statement. Companies often find out too late that their policies and procedures were inadequate or outdated. A […]