UBS' Ralph Hamers won a key incremental battle in a Dutch criminal investigation over money laundering at his former job.
Ralph Hamers did not breach ethical guidelines in a money laundering scandal during his time at ING, the Dutch Banking Disciplinary Commission (in Dutch) found. UBS did not want to comment on the matter, first reported by Dutch outlet «De Telegraaf» (behind paywall, in Dutch).
It represents a minor victory for Hamers, who was engulfed in a revived criminal probe into the matter, which ING in 2019 settled for $900 million. The issue has cast a pall on Hamers’ leadership at UBS, itself the subject of a money laundering criminal probe in France.
Ethical Code
The Dutch body is the world's first disciplinary board for bankers and enforces an ethical code of conduct for the country’s banking sector. UBS has repeatedly cited an outside evaluation of the money laundering scandal which gave Hamers the all-clear – the 55-year-old Dutch banker also passed Swiss fitness and probity testing for bankers.
