Europe's banks under scrutiny as regulators look into Panama Papers

April 7, 2016 4:20 PM

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Europe's banks under scrutiny as regulators look into Panama Papers

BERN/GENEVA Banking watchdogs across Europe have begun checking whether lenders have ties to a massive document leak from Panama that showed how offshore companies are used to stash clients' wealth.

Switzerland's financial watchdog FINMA said on Thursday that banks must clamp down on money laundering, as the Geneva prosecutor opened a criminal probe.

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