Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 100

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 4
Chunk 100
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 subject to detailed and comprehensive supervision in all of the jurisdictions in which ING conducts business. 
Regulatory agencies and supervisors have broad administrative power and enforcement capabilities over many aspects of our business, which may include liquidity, capital adequacy, permitted investments, ethical issues, money laundering, anti-terrorism measures, privacy, recordkeeping, product and sale suitability, marketing and sales practices, ESG, remuneration policies, personal conduct and our own internal governance practices. Also, regulators and other supervisory authorities in the EU, the US and elsewhere continue to scrutinise payment processing and other transactions and activities of the financial services industry through laws and regulations governing such matters as money laundering, anti-terrorism financing, tax evasion, prohibited transactions with countries or persons subject to sanctions, and bribery or other anti-corruption measures. 
As discussed under “Item 3. Key Information - Risk Factors”, as a large multinational financial institution we are subject to reputational and other risks in connection with regulatory and compliance matters involving these countries.

ING Group Annual Report 2024 on Form 20-F 

Contents       Part I         Part II        Part III       Additional information        Financial statements    
European Regulatory framework
The Single Supervisory Mechanism (“SSM”) is the first pillar of the Banking Union and has been operational since 4 November 2014. The SSM consists of the European Central Bank (“ECB”) and the national competent authorities of the participating EU member states. The main objective of European banking supervision are to ensure the safety and soundness of the European banking system, enhance financial integration and stability and ensure consistent supervision. Under the SSM, the ECB is the main prudential supervisor of ING Group and ING Bank. The ECB's responsibilities include tasks such as market access, compliance with capital and liquidity requirements and governance arrangements. National competent authorities, including the Dutch Central Bank (De Nederlandsche Bank or “DNB”) for ING Group and ING Bank, remain responsible for supervising tasks not transferred to the ECB such as financial crime and payment supervision. 
The SSM is complemented by the second pillar of the Banking Union, the Single Resolution Mechanism (“SRM”), which consists the Single Resolution Board (“SRB”) and the national resolution authorities. The SRM has been fully responsible for the resolution of banks within the Eurozone since 1 January 2016. 
As the third pillar of the Banking Union, the EU wants to further harmonise the regulation for Deposit Guarantee Schemes (DGS). One of the key