ING CFO Koos Timmermans is set to step down following a money-laundering scandal at the bank.

Timmermans, also a member of the executive board, led the bank’s business in the Netherlands for much of the period covered by the probe that revealed failures in the bank’s customer due-diligence policies.

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Last week, the bank agreed to pay a fine of around $900m to resolve the allegations.

Timmermans, who has been working at the bank since 22 years, was appointed as CFO last year.

He became the chief risk officer on ING’s executive board in 2007 and took up responsibility for the Market Leaders arm in 2014.

The Dutch bank is currently in the lookout for Timmermans’ replacement. Timmermans will continue to serve in the existing role till the appointment of a successor.

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ING chairman of the supervisory board Hans Wijers said: “We deeply regret the shortcomings found and take this matter very seriously. Given the seriousness of the matter and the many reactions among stakeholders since the announcement and in the interest of the bank, we came to the conclusion it is appropriate that responsibility is taken at Executive Board level.

“We have a serious task ahead of us and the Executive Board is fully committed to completing the various initiatives we have started at ING Netherlands to further strengthen our handling of compliance risks.”