ABN Amro’s shares tumble on money laundering investigation

ABN Amro’s share price fell 8.3% after the Dutch bank admitted that local prosecutors are investigating alleged money laundering at the lender.

Reuters reports that prosecutors suspect that ABN had failed to do due diligence on its clients for years.

ABN Amro said it will cooperate fully with the investigation.

A spokesman said: “We have stated clearly over the past few years that we also felt we had to improve. This is a top priority for us, we have always known we had to do things better, but we have also always been clear that an investigation such as this might occur.”