ING Bank has clarified press reports in the Philippines that it has been fined for currency-related transactions. It says that in August 2003, ING and the Philippines central bank – Bangko Pilipinas Sentral (BSP) – agreed that ING would pay a nominal fine of PHP330,000 (US$5900) for retaining the accumulated profits of its Foreign Currency Deposit Unit (FCDU), in the FCDU books. ING previously sought approval from the BSP for the retention of the profits in the FCDU pending clarification over a tax ruling that appeared to remove the tax exemption status of the FCDU. Both ING and the BSP consider the matter closed. ING says it remains committed to strictly compliance with the BSP’s rules and regulations.
ING Clarifies Reports That The Philippines Central Bank Has Fined It For Currency Offences
ING Bank has clarified press reports in the Philippines that it has been fined for currency related transactions. It says that in August 2003, ING and the Philippines central bank Bangko Pilipinas Sentral (BSP) agreed that ING would pay a