Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 116

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 4
Chunk 116
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 doing business involving certain specified countries should be discontinued. In that respect, ING has a policy not to enter into new relationships with clients from these countries and processes remain in place to discontinue existing relationships involving these countries. At present these countries are Cuba, Iran, North Korea, Sudan and Syria, as well as the Crimea region. 
ING Group maintains a limited legacy portfolio of guarantees, accounts, and loans that involve various entities with a connection to Iran. These positions remain on the books but certain accounts related thereto are ‘frozen’ where prescribed by applicable laws and procedures and in all cases subject to increased scrutiny within ING Group. ING Group may receive loan repayments, duly authorised by the relevant competent authorities where prescribed by applicable laws. For the calendar year 2024, ING Group had limited revenues of approximately USD 15 thousand. No net profit is made as there were no repayments made in 2024.
Sanctions related developments
With respect to sanctions, as a result of Russia’s continued occupation of Ukraine and the associated conflict there has been a continued focus of the EU, US, and other governments to impose additional sanctions and combat the potential circumvention of sanctions against Russia. In addition to several new sanctions packages there has been an increased focus on the roles of third countries and companies in facilitating the circumvention or undermining of such sanction’s measures. The EU has increased their efforts to ensure that EU operators are adhering to the sanctions by implementing new reporting requirements and by implementing new rules to harmonise criminal offences and penalties for the violation and circumvention of EU sanctions. The EU also introduced the “best efforts” requirements, which seek to hamper sanctions circumvention through a new requirement for EU parent companies to do their “best efforts” to make their non-EU subsidiaries to align with EU sanctions.

Accordingly, as part of ING’s Know Your Customer and compliance risk governance and procedures, ING is continuously monitoring the situation to stay abreast on all relevant updates to implement effective and appropriate additional control measures and to manage the increased risk and financial impacts of these developments.
Operationally, the impact of these enhancements has resulted in the need for additional staff members to review and apply greater scrutiny of transactions alerted for heightened risk of non-compliance with applicable sanctions. Additionally ING is actively exploring the use of AI to help manage the impact.
For additional information regarding regulatory developments, see also this Form 20-F 2024, under “Additional Information – ING Group Risk Management- Compliance Risk”.
ESG Reporting