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Bank stocks tumble after report alleges firms moved $2 trillion in suspicious funds - Building Online Business
Getty/Andrew Burton Bank stocks slid on Monday after a report by the International Consortium of Investigative Journalists detailed more than $2 trillion in flows marked as possible money laundering or criminal transactions.Firms identified in the report dragged on major indexes. JPMorgan sank as much as 3.9%. Deutsche Bank and HSBC fell 8.5% and 5.9%.Government authorities have ordered banks to better combat suspicious flows, but various fines and threats of criminal charges haven’t worked, the ICIJ said.The ICIJ said it obtained documents covering less than 0.02% of the more than 12 million suspicious-activity reports filed with the Treasury Department from 2011
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