Why did ING delay reporting Reynders?
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25 Aug 2025 •
Reading time: 2 minutes A wave of mistrust is sweeping through the Belgian political and banking world. The Brussels public prosecutor’s office has opened an investigation into ING Bank, accused of delaying reporting cash deposits made over several years by Didier Reynders, former Deputy Prime Minister and current European Commissioner.
Cash deposits since 2008
According to information gathered by the public prosecutor’s office, between 2008 and 2018, Didier Reynders deposited nearly €700,000 in cash into his ING account. These regular deposits should have aroused suspicion.
The rules are clear: when a bank notices suspicious transactions, it must report them to the Financial Intelligence Processing Unit (CTIF). This obligation is even stricter for politically exposed persons (PEPs), such as former ministers or senior civil servants.
When questioned by his bank in 2018, Reynders reportedly provided an explanation: the money came from the sale of artworks. After this justification, cash deposits reportedly ceased. But a new behaviour intrigued observers.
Starting in 2018, the former minister allegedly purchased approximately €200,000 worth of scratch cards from the National Lottery. The winnings from these games were then transferred to his ING account, giving the appearance of legality to opaque financial flows.
ING’s suspicious slowness
The most surprising thing is ING’s reaction. It was not until 2023, fifteen years after the first deposits, that the bank finally reported these transactions to the CTIF. Too late, according to several observers.
The National Bank of Belgium (BNB) conducted an internal audit into this lack of response. Its report, submitted to the public prosecutor’s office last May, led to the opening of a judicial investigation into suspected conflicts of interest and money laundering.
The National Lottery had already raised the alarm
Another element adds weight to the case. As early as 2021, the National Lottery had reported to the authorities what it considered to be unusual behaviour by Reynders and his wife concerning the large-scale purchase of scratch cards.
This report, which was ignored by ING at the time, has finally been included in the current case. The two aspects – cash deposits and lottery games – are now being examined jointly by investigators.
ING’s defence
When questioned by several Belgian media outlets, ING hid behind banking confidentiality:
“We do not comment on specific cases. But we do everything in our power to comply with our legal obligations in the fight against money laundering.”
Some financial experts consider this response insufficient. The obligation of enhanced vigilance with regard to PEPs normally leaves no room for ambiguity.This scandal goes beyond the banking sector. It highlights the complex relationship between finance, politics and justice. It raises questions about the real ability of institutions to effectively control influential figures.