An Italian court imposed a fine of €1 million on ING Groep NV and ordered an additional €29 million to be confiscated from the bank's profits to settle a money-laundering case in Italy, Reuters reported, citing a judicial source.

The Italian central bank previously prohibited the Dutch bank's local branch from conducting any business with new clients due to shortcomings in its anti-money laundering processes.

ING paid a €775 million penalty to settle a Dutch money laundering investigation in 2018.