Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 115

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 4
Chunk 115
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 some instances, the complexity of the regulatory landscape gives rise to potential tension between applicable laws and regulations at a local and/or global level. For example, there is the potential tension between data privacy (GDPR) and AML/CFT and anti-corruption laws and regulations; including the requirement to share information relating to financial crime concerns to manage risk exposure across the group, while complying with the legislative requirements relating to data, which can differ significantly depending on the jurisdiction. In contrast, the European Union’s proposed Anti-Money Laundering Regulation (AMLR) seeks to create a harmonized framework across EU member states, enhancing consistency in anti-money laundering and counter-terrorist financing efforts when it is implemented in 2027.
ING is focused on continuing to embed applicable requirements in our processes and procedures, including in our IT systems and data sources, in a robust and sustainable way; driving a business environment which is compliant by desire and design. The bank also executes ongoing training and awareness to develop its people to have the right knowledge and skills.
In addition, ING aims to continuously monitor regulatory developments, as well as considering emerging and evolving risks. This supports assessment of the risks that ING may be exposed to and of the associated controls and processes ING has in place, so we can appropriately manage these risks in accordance with our risk appetite. 

ING Group Annual Report 2024 on Form 20-F 

Contents       Part I         Part II        Part III       Additional information        Financial statements    
AML/CTF-related developments
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) is a decentralised EU agency that will coordinate national authorities to ensure the correct and consistent application of EU rules. The aim of the EU Authority is to transform the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision in the EU and enhance cooperation among financial intelligence units (FIUs). AMLA was approved by the European Parliament on 24 April 2024 and adopted by the European Council on 30 May 2024.
AMLA’s key responsibilities will include directly supervising selected financial sector entities that operate on cross border basis, as well as indirectly supervising other entities in the financial and non-financial sectors. It is therefore highly probable that ING will become an entity which is directly supervised by AMLA. 
Policy with respect to certain countries 
As a result of frequent evaluation of all businesses from economic, strategic and risk perspective ING continues to believe that for business reasons