A bank run on Banco de Madrid following money laundering charges did the bank in today.
The Wall Street Journal reports Banco de Madrid Files for Bankruptcy After Parent Accused of Money Laundering.
Banco de Madrid SA, the Spanish unit of an Andorran lender accused of laundering money for organized-crime groups, has filed for protection from its creditors, Spain’s central bank said Monday.
Banco de Madrid has been hit by substantial client withdrawals, the central bank said, which has impacted the ability of the lender to “meet its obligations in a timely matter.” Continue reading
