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Sept. 26, 2019, 10:29 a.m. EDT

ABN Amro shares slammed by money laundering investigation

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By Steve Goldstein, MarketWatch


Reuters
The ABN AMRO headquarters in Amsterdam, Netherlands.

ABN Amro shares plunged 12% as the bank disclosed the Dutch public prosecutor is investigating it over money laundering prevention and the financing of terrorism.

ABN Amro /zigman2/quotes/209088556/delayed NL:ABN +1.81%  didn’t provide detail about the investigation. ABN Amro said it’ll cooperate fully with the investigation.

Last year, however, rival Dutch bank ING /zigman2/quotes/203351007/delayed NL:INGA +1.99%  was fined 775 million euros by the Dutch public prosecutor over similar charges.

Analysts at UBS said ABN has previously flagged shortcomings in anti-money laundering and know-your-customer. ABN Amro had booked 199 million euros over the last three quarters to build up know-your-customer capabilities.

“While the outcome and timing of the current investigation remains uncertain, we believe that the risk of financial penalties has increased,” UBS said.

/zigman2/quotes/209088556/delayed
NL : Netherlands: Euronext Amsterdam
9.69
+0.17 +1.81%
Volume: 3.69M
March 1, 2021 5:38p
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/zigman2/quotes/203351007/delayed
NL : Netherlands: Euronext Amsterdam
9.22
+0.18 +1.99%
Volume: 20.75M
March 1, 2021 5:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€35.25 billion
Rev. per Employee
N/A
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Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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