Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 114

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 4
Chunk 114
---
 on the legal tender of euro cash safeguards the role of cash, it shall continue to be a means of payment and should continue to be easily accessible. If enacted, the digital euro could have an impact on ING’s deposit funding, as a portion of our clients may transfer part of their deposits held at ING, to digital euros. In addition, depending on the set-up of the digital euro, which is still being negotiated by European co-legislators, it could have an impact on the competitive landscape between banks and non-bank financial services providers.
Benchmarks Regulation
In 2016, the EU adopted a Regulation (the ‘Benchmarks Regulation’ or ‘BMR’) on indices used in the EU as benchmarks in financial contracts and financial instruments. The Benchmarks Regulation became effective on 1 January 2018.
The BMR among others requires that supervised entities may only use benchmarks in the EU if these benchmarks are provided by administrators that are registered with the European Securities and Markets Authority (‘ESMA’).
Benchmarks that are based on input from contributors shall have a code of conduct in place designed primarily to ensure reliability of input data, governing issues such as conflicts of interest, internal controls 

and benchmark methodologies. Financial contracts and financial instruments in which benchmarks are used by supervised entities require to have robust fall back wording included in their documentation. 
Benchmarks, such as the London Interbank Offered Rate (LIBOR), Euro Overnight Index Average (EONIA), Canadian Dollar Offered Rate (CDOR) have already been discontinued. The benchmarks i.e. Warsaw Interbank Offered Rate (WIBOR) and Philippine Interbank Reference Rate (PHIREF) are subject of ongoing national and international regulatory reform. ING has established a global benchmarks transition office which is coordinating benchmark transitions with a global impact, to safeguard a controlled execution of all elements in a transition. For qualitative and quantitative disclosures on IBOR transition refer to “Additional information – ING Group Risk Management – Market Risk”. 
KYC Requirements
Financial institutions continue to face new and increasingly complex regulatory requirements, contributing to increasing costs of compliance, in the context of heightened regulatory scrutiny. Generally, we expect the scope and extent of regulations in the jurisdictions in which we operate to continue to increase.
The evolving regulatory landscape drives the need for continuous change in the various processes, procedures and systems of the bank. Where the timeline for implementation of new or revised requirements is sometimes quite short, this presents challenges to financial institutions in general. In addition, in