The Dutch bank ABN Amro, number three in its home market, announced on Thursday that it was the subject of an investigation by the public prosecutor under the law against money laundering and the financing of terrorism. “Massive investigation” ABN Amro “did not sufficiently monitor” the bank accounts of its customers and “did not report irregular transactions” or reported them “too late”, said Marieke van der Molen, a prosecutor's office spokesperson. The latter, who did not give more details, however stressed that it was a “large-scale investigation”. ABN Amro, the Netherlands' third-largest bank after ING and Rabobank, was informed on Wednesday that it was "under investigation in relation to the Prevention of Money Laundering and Terrorist Financing Act (the WWFT ),” the band said in a statement Thursday. "ABN Amro will cooperate fully with the investigation," the bank added in the statement. “Serious failings” The Dutch state owns 56% of ABN Amro, which makes it the bank's main shareholder. Listed on the Amsterdam Stock Exchange, ABN Amro shares closed down 12% to 15.89 euros. Last month, the Dutch National Bank (DNB) asked ABN Amro to review all of its retail customers in the Netherlands, which number five million, according to media reports. The Dutch public prosecutor had already opened an investigation in March 2017 against ING, finding it guilty of “serious shortcomings in the prevention of money laundering”. ING had reached an agreement in September 2018 with the authorities, providing for the payment of a fine of 775 million euros to settle this case of fraudulent use of its accounts, which had cost its position to the chief financial officer. (AFP).