ING Group NV (ING) - Get Report said Wednesday that it could face "significant" fines related to money laundering investigations in both Europe and the United States after the probes were made public in the Dutch media. 

In a statement released as part of its 2016 annual report, published Wednesday in Amsterdam, ING, the country's biggest lender, said it couldn't estimate how long the investigations would last nor how much the bank may ultimately be asked to pay should it be found to have violated rules in either jurisdiction. 

"ING Bank is the subject of criminal investigations by Dutch authorities regarding various requirements related to the on-boarding of clients, money laundering, and corrupt practices," the bank said. "ING Groep has also received related information requests from U.S. authorities. ING Groep and ING Bank are cooperating with such ongoing investigations and requests."

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"It is currently not feasible to determine how the ongoing investigations and requests may be resolved or the timing of any such resolution, nor to estimate reliably the possible timing, scope or amounts of any resulting fines, penalties and/or other outcome, which could be significant," the bank added.

The Dutch daily Het Financieele Dagblad reported Wednesday that the probe was linked to bribes paid to Gulnara Karimova, the daughter of the late billionaire Islam Karimov, who also led Uzbekistan, the former Soviet republic, from 1991 until 2016.

ING shares fell more than 3.5% in early Amsterdam trading to change hands at €13.90 each and trimming the three month gain to around 2% compared to a 2.5% advance for the Stoxx 600 Europe Banks Index.