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Bank shares tumble on reports of rampant money laundering

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NEW YORK - Shares of some major banks are tumbling before the market open Monday following a report alleging those including JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon continued to profit from illicit dealings with disreputable people and criminal networks despite being previously fined for similar actions.According to the International Consortium of Investigative Journalists, leaked government documents show that the banks continued moving illicit funds even after U.S.

officials warned they’d face criminal prosecutions if they didn’t stop doing business with mobsters, fraudsters or corrupt regimes.The consortium says the documents indicate that JPMorgan moved money for people and companies tied to.

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