ABN Amro Adds to Wave of European Money Laundering Scandals
- ABN investigated for failing to report suspicious transactions
- Laundering scandal drags on as banks struggle to raise profit
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Europe’s widening money laundering scandals took a new turn as ABN Amro Bank NV disclosed a criminal probe over alleged failures to check on clients and report suspicious transactions, a further sign of woe in an industry already struggling to grow profitability.
Shares of the state-controlled bank slumped the most since its 2015 initial public offering and its bonds fell after the Dutch prosecutor opened a criminal probe into its alleged failures to check on clients and report suspicious transactions.