Banking shares plummet on laundering allegations

Deutsche Bank says that details in a report by investigative journalists on money laundering are"well known to our regulators". PARIS: Shares in major banks such as HSBC, Deutsche Bank and ING were hammered on Monday following allegations they had handled huge sums of dirty money for almost 20 years.

In addition to being named in the investigation, a report said HSBC might be on Beijing's"unreliable entity list" as part of a tit-for-tat stand-off with several western countries.The Dutch bank ING was also named in the probe, and its shares fell by 9.3 per cent in Amsterdam. It was led by more than 100 international media outlets from 88 different countries and is based on over 2,000 suspicious activity reports submitted to the US Treasury Department's financial law enforcement agency, FinCEN, by banks.

READ: MAS ‘closely studying' reports on 'FinCEN' leak that mentioned Singapore banks in suspicious transactions

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