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Performance Management Example Team Paper

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Performance Management course Master Human Resource Studies at Tilburg University, year 2019/2020. Team Assignment.

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  • August 19, 2020
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  • 2019/2020
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Performance Management Issue

Money laundering at ING

Geert Compen u560443
Zoë Sedlářík u943593
Anne Zijlmans u626382

Lecturer: Reneé De Reuver
9 December 2019




1

, Introduction

In recent years, banks have regularly failed when it comes to money laundering (NU.nl, 2019).

One of the most recent failures is ING. Near the end of 2018, they paid an immense settlement

of 775 million euros to the Dutch public prosecutor (Vogel, 2018). Recently it was announced

that their case will not only be prosecuted in the Netherlands (Driessen, 2019), but also in Italy

(Kreling, 2019), and Belgium (De Telegraaf, 2019a). As a result, the case is not closed yet, and

continues to have a major impact on the company. The ING case distinguishes itself from others

as only top management is involved with money laundering and this results in a performance

management issue (BNN VARA, 2019). Indicators for this performance management issue are,

amongst others, the resignation of the financial director (Kleinnijenhuis, 2018), the elimination

of employees’ bonuses (Koenis, 2019), and the need to recruit inexperienced employees and

retraining (NOS Nieuws, 2019).

This paper aims for a thorough analysis of the performance consequences for ING due

to money laundering. It provides an advisory performance management intervention to increase

overall performance and to prevent this issue in the future.




2

, Case description & analysis

In order to be able to analyze what went wrong at ING and to learn how to prevent future

occurrences of money laundering, it is crucial to gain a better understanding of the company

and the sector it operates in. Starting with the sector, as a bank, ING is part of the financial

services sector (NOS, 2018). This sector is rapidly changing because of two main factors,

technology and laws and regulations (PwC, n.d.). For example, Fintech and data analytics are

receiving greater attention. Yet, simultaneously the size and impact of financial-economical

criminality is increasing (PwC, n.d.). Zooming in on ING in particular, the company was

founded in 1991 through the merger of Nationale-Nederlanden and NMB Postbank (ING,

n.d.a). The company has over 53,000 employees and operates in more than 40 countries (ING,

n.d.b).

Coming back to the case at hand, as noted previously, ING is not the only Dutch bank

who failed to counteract money laundering. For example, Rabobank received a fine of one

million euros because they failed to document required data on their clients (Haegens, 2019).

Moreover, there is a realistic fear that these fines are only “the tip of the iceberg”, as Dutch

investigation services struggle to keep up with the high number of money laundering cases

(NU.nl, 2019). Clearly, there seems to be a structural issue within the Dutch banking sector, as

these scandals keep emerging. Yet, the ING case, as explained previously, is unique, as the

issue lies with top management, not employees. This paper therefore aims to address the

following question, which will be elaborated on in the theoretical framework and intervention:



Does an ethical intervention program focused on both top management and employees

prevent money laundering scandals at ING?




3

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